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Compound, as opposed to simple interest, pays interest
This seemingly small difference (hey, what's 5% of 5% ?) turns out to be very big indeed.
Find out how compound interest takes a little
and, over a long period of time, turns it into Some Big Buck$
Using the drop down menus,
Choose a weekly savings rate from $10 to $200.
Select an interest rate.
Click "GO" to start, and "More years" to see the effect of time.
Principal amount is shown by a red line.
Simple interest is shown by a light blue line.
Note how the bigger payoff is in the later years,
and how this effect is exaggerated as the interest rate goes up.
What are you waiting for ??