Compound interest is what supercharges your savings account over time. But it’s also what makes an unpaid credit card account so unwieldy. Learning how to calculate compound interest can help ...

That’s a $214 difference—in your favor—made possible by the power of compound interest. Doing that math by hand can be tricky, so you’ll probably want to stick to the calculator.

The formula for calculating savings account interest uses the initial deposit, the annual interest rate and the years of growth. Compound interest earns the account holder more than simple ...