If you use our Simple Savings Calculator, you will be able to estimate the growth of your investment in a way
that is both rapid and accurate.
You are going to need the following information in order to use this calculator:
Initial amount: This is the beginning value of your investment, also known as the maximum amount
that may be contributed to the account at the beginning. Your first contribution, regardless of whether it's
$100 or $10,000, is a very important factor in determining how much your investment will increase.
Monthly Saving: The amount that you are able to contribute to the expansion of your investment each month is
referred to as the "monthly deposit." Determine this number in accordance with your financial plan for the month.
Play around with the sum to discover how increasing the amount you contribute each month impacts the development of
your investment over time.
Annual interest:
1. Check out our rate tables to get an idea of the rate of annual interest you may expect to get from your investment. The finest interest rates may be found on certificates of deposit, checking, savings, and money market accounts.
2. Enter the interest rate if you already have an estimate of how much money you will make.
3. Make sure you mention whether the interest will be compounded on a monthly, quarterly, or semiannual basis or whether it will be compounded yearly.
Number of years: This is the total number of years that your investment has the potential to increase in value. For instance, if you want to retire at the age of 65 and are now 30 years old, your retirement account (IRA) has 35 years to grow until you withdraw the money. When you buy a certificate of deposit (CD) with a term of five years, your money is given that amount of time to grow. Larger investment growth is often associated with longer time horizons.