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Re: Simple Compound Interest Calculation Question + [bonus question]
On a similar note, this is confusing me:
Initial Investment: $1000 Yearly addition: $1000 for 20 years Interest Rate: 5% If interest compounded yearly = $37,372.55 If interest compounded monthly = $37,108.17 http://www.moneychimp.com/calculator...calculator.htm Why is the final amount less if the interest is compounded more regularly? Thanks a lot! - Sorry if this is a basic oversight! |
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