If you could have one of the following as your pay for thirty days'
work, which would you choose? (A) $10,000, or (B) a penny the first day, two cents the
second day, four cents the third day, eight cents the fourth day, and so on, with each day
doubling on out to thirty days.
The $10,000 sounds very attractive, but the fact is that the penny doubled each day for
thirty days adds up to over five million dollars. Of course, that is 100% interest
compounded daily, a rate not available to most of us working folk. Nevertheless, this
example shows you the power of compounding on your investment earnings.
Here are some easy-to-use calculators
Do you know how much you need to set aside to fund a college education for your child?
How much must you save each month for your retirement?
What will your Individual Retirement Account (IRA) be worth when you get ready to start
drawing on it?
You can get rough answers to these and other questions very quickly by using the
following calculators and making a few estimates on your part. If we can be of help or
answer questions for you, please call us.