Every one of us has studied the Compound Interest as one of the annoying chapters in our fifth grade. How many of us remember its usage and application? You know at times I think Technology has spoiled us, as most of us have put behind manual calculations completely. Thinking back and trying to recollect those applications, I had a chance to discover that Compound Interest is an effective and compelling application in the domain of funds and capitals.
Instead of explaining theories in Compound Interest, let us consider an example:
Two people named Edward and Emmett are planning to put aside some money for the future.
Edward saves a hundred dollars per month into a miraculous venture with an interest of 6% per year. At the end of forty years, he accumulates a lump amount of $199,149.
