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1. Compound Interest Calculator (aka FIRE Calculator) is a tool to help you calculate and plan out your investment so that you may achieve Financial Independence and Retire Early.
2. Compound Interest Calculator allows you to calculate and plan out both long term and short term savings.
3. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest.
4. But what is Compound Interest? Compound interest is the interest you earn on interest.
5. How much money do you think you will get? $30,000? $50,000? Nope! You will end up with a huge sum of $113,024 (more than 6 times the amount you had put down).
6. For example, if you put $50 in your savings account every month, and this savings yields 10% annually.
7. It is never too late to start snowballing your money.
8. Just imagine how wealthy you can be if you start right now.
9. After 30 years, you will have invested $18,000.
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