What is the Rule of 72 in compound interest?

The Rule of 72 is a quick mental shortcut to estimate how many years it takes for your investment to double. Simply divide 72 by your annual interest rate (e.g. at 8% annual return, 72 / 8 = 9 years to double your money).

What is the difference between Simple and Compound Interest?

Simple interest is only calculated on the initial principal. Compound interest is calculated on the principal PLUS all accumulated interest from previous periods ("interest on interest").

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Visual Wealth Growth with Monthly Deposits

Future Investment Value

$118,062.00

Total Accumulated Balance

Total Principal Deposited: $70,000.00

Total Compound Interest Earned: $48,062.00