Compound Interest in 25 Seconds

We have just released a new calculator in the Lawyers Section - Compound Interest.

This handy little calculator provides you with the compound interest on an amount between two dates at an interest rate.

We usually use Excel to calculate compound interest, so this calculator makes the process faster and easier even for us.

Whilst courts will generally award interest on a simple basis in accordance with the prejudgment interest, in some instances interest will be awarded on a compound basis.

The Financial Services Ombudsman will often award interest on a compound basis reflecting the nature of the the applicants loss of investment income over the period.

The Compound Interest Calculator is also useful to compare the difference between an award of compound interest and prejudgment interest.

The rate of prejudgment interest being 4% above the RBA Cash Rate will often be considerably higher that than the bank term deposit interest rate at the time, so simple interest may often exceed compound interest.

The Compound Interest Calculator is part of the Lawyers Section of Dolman Bateman. The Lawyers Section is a suite of calculators specifically designed for litigation Lawyers in Australia.

If you are already a Lawyers Section Member, login here or direct link to calculator here.

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Disclaimer:

The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. While every effort has been made to ensure the accuracy of this content at the time of publication, tax laws and regulations may change, and individual circumstances vary. Dolman Bateman accepts no responsibility or liability for any loss or damage incurred as a result of acting on or relying upon any of the information contained herein. You should seek professional advice tailored to your specific situation before making any financial or tax decision.