Thursday, May 8, 2008

Compound Interest and the Rule of 72

Explain, in your own words the concept of 'compound interest' and 'the rule of 72'. Use examples.
Also using the Compound Interest Calculator - find out how much money you would have if you saved $1 per day ($365 per year) from age 18 to 65 (retirement age). Use 8% interest in your calculation; which is about how much the overall US stock market goes up each year.

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