the magic of compounding!
If you could have one of the following as your pay for thirty days' work,
which would you choose? (A) $10,000, or (B) a penny the first day, two cents
the second day, four cents the third day, eight cents the fourth day, and so
on, with each day doubling on out to thirty days.
The $10,000 sounds very attractive, but the fact is that the penny doubled
each day for thirty days adds up to over five million dollars. Of course, that
is 100% interest compounded daily, a rate not available to most of us working
folk. Nevertheless, this example shows you the power of compounding on your investment
Here are some easy-to-use calculators.
You can get rough answers to your financial questions by using the following
calculators and making a few estimates on your part. If we can be of assistance
or answer questions for you, please call us.
Calculator — How much must you save each
month for your retirement?
- IRA Calculator — What
will your Individual Retirement Account (IRA) be worth when you get ready to
start drawing on it?
- Roth IRA Calculator — How
does a Roth IRA compare to a traditional IRA?
Estate Planning Calculator
Dean Miyamoto, CPA Inc.
1600 Kapiolani Blvd., Suite 1670
Honolulu, Hawaii 96814