Indianapolis Recorder’s Smart Money Week continues with Everwise Credit Union explaining the power of compound interest.

Compound interest is the process of earning interest ... The Rule of 72: A quick way to estimate growth The Rule of 72 is a simple formula to estimate how long it will take for your investment ...

The formula for calculating savings account interest uses the initial deposit, the annual interest rate and the years of growth. Compound interest earns the account holder more than simple ...

The simple interest formula isn't as complicated as the compound formula below. A savings account is an account that earns interest with a financial institution. Let's say you invested $10,000 in ...

The more often it's compounded, the more you earn or pay. Imagine you have an interest rate of 10%, a principal amount of $100, and a period of two years. Use the formula to calculate the total ...

Because compound interest is working against you by increasing the amount you must pay back to the lender, you'll want to pay off your debt as soon as possible. Formula for Compound Interest The ...

The compound interest is the interest earned on the principal, and any interest accrued in the past. How to use it: Use this formula instead of the simple interest equation to get a more precise ...

Here's how that would be expressed in the above formula. FV = $10,000 x (1 +0.05)5 FV = $10,000 x 1.055 FV = $10,000 x 1.2762 FV = $12,762.00 Another quick way to calculate your compound interest ...

make sure your account uses simple interest — many accounts use compound interest instead. The formula for simple interest requires your initial principal balance, annual interest rate ...

The more often it's compounded, the more you earn or pay. Imagine you have an interest rate of 10%, a principal amount of $100, and a period of two years. Use the formula to calculate the total ...