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Discover the magic of compounding!

If you could have one of the following as your payment for 30 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 30 days.

The $10,000 sounds very attractive, but the fact is that the penny doubled each day for 30 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 earnings.

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.

Interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice or predict financial performance by any individual/investment/company. Summit Tax & Accounting LLC and 1st Global Capital Corp. cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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