Wellness Center
Half Acre Campus Recreation
Room 107
Dept 3604
1000 E. University Ave.
Laramie, WY 82071
Phone: 307-766-9355
Fax: 307-766-6720
Email: wellness@uwyo.edu
Compound interest is one of the most powerful personal finance tools you can put to work for you throughout your life. That’s because the longer you save money, the more it can grow in value. Want proof? Check out the example below.
Do you think you could earn more in a job that pays $1,000 a day for 35 days or one that pays one penny the first day and then doubles the amount every day for 35 days? Let's compare the amount you’d acquire in each scenario:
Day |
Job Option
|
Job Option
|
|---|---|---|
|
1 |
$1,000 | $.01 |
| 2 | $2,000 | $.02 |
| 5 | $5,000 | $.16 |
| 10 | $10,000 | $5.10 |
| 15 | $15,000 | $163.20 |
| 20 | $20,000 | $5,200 |
| 25 | $25,000 | $165,750 |
| 30 | $30,000 | $5,304,000 |
| 35 | $35,000 | $169,728,000 |
If you don't think it's worth it to try to save a few dollars every week, take a look at how quickly it can add up:
Amount Saved
|
Total at the
|
Total at the
|
|---|---|---|
| $5.00 | $20.00 | $260.00 |
| $10.00 | $40.00 | $520.00 |
| $15.00 | $60.00 | $780.00 |
Click here to calculate your own compound interest scenario, and get saving!
Information provided by CashCourse, www.cashcourse.org
Save or Splurge Quiz |
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Wellness Center
Half Acre Campus Recreation
Room 107
Dept 3604
1000 E. University Ave.
Laramie, WY 82071
Phone: 307-766-9355
Fax: 307-766-6720
Email: wellness@uwyo.edu