How long to save calculator
Description
This calculator helps find how long it will take to reach a saving goal, based on a saving account with a regular deposit arrangement.
Assumptions
- It does not take into account any possible account fees.
- It does not take into account income tax payable on interest earned.
- Interest rate does not change over the saving term.
- Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, the interest compounding frequency may not be the same as the repayment frequency.
- It is assumed that a year consists of 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
- No rounding is done throughout the calculation, whereas the account balance is rounded to at least the nearest cent in practice.
KANEBRIDGE CALCULATORS
