by Create A Test Team
Compound interest: the most powerful force in the universe?
Compound interest is a very impressive force and it is an interesting part of mathematics. Albert Einstein himself said that compound interest is the most powerful force in the world and it is pretty hard to disagree.
What is compound interest?
For those that are not aware of the concept of compound interest we will give you a very simple example. If you have £100 in a bank today and your account pays 10% interest a year how much money do you have in a year?
Well firstly you have the money you originally put in (£100) but you also receive £10 interest from the bank. So at the end of the year you have £110...
Albert Einstein, Percentage, Compound Interest