In this tutorial you will discover an easy way to determine how much your money will grow by using a free compound interest calculator.
Step # 1 – Getting to the Calculator
Open up your web browser and visit “http://www.investor.gov/tools/calculators/compound-interest-calculator”, where you will find the free calculator tool.
Step # 2 – Using the Calculator
Type in your initial investment into the “Current Principal: $” input box. Next, type in the amount of money that you will add at the start of every month into the “Monthly Addition: $” section. Then you can type in how many years you want to calculate in the “Years to Grow” section, and fill out the “Interest Rate” box. Finally, all you have to do is fill in the compounding frequency in the last input box.
Step # 3 – Determine how much your money will grow
Hit the “Calculate” button to see the results. Once you hit the button the results will show up directly below the compound interest calculator. You can then hit the “reset” button to start over, as it will refresh the page, clearing the information you typed in and also the results. That’s how you use the compound interest calculator provided by “investor.gov”.
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