Q. How does the Databank investment calculator work?
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A. How does the Databank investment calculator work?
To calculate your projected monthly contributions, follow the steps below:
• Step 1: Click on the ‘Monthly contribution’ button
• Step 2: Key in your target amount. This refers to your desired final investment goal
• Step 3: Key in your starting principal. This refers to the amount of money you have readily available to invest
• Step 4: Key in your expected period of investing. This refers to the length of time that you plan to invest toward your goal.
• Step 5: Key in your estimated average annual return. This refers to your projected annual interest rate
• Step 6: Click the calculate button to access your results. Your results will indicate how much you need to contribute (monthly or annually) into your investment account in order to reach your desired target amount
To calculate your projected end balance, follow the steps below:
• Step 1: Click on the ‘End balance’ button
• Step 2: Key in your expected monthly contribution. This refers to the amount of money you plan to invest every month
• Step 3: Key in your starting principal. This refers to the amount of money you have available as your initial investment
• Step 4: Key in your expected period of investing. This refers to the length of time that you plan to stay consistently invested
• Step 5: Key in your estimated average annual return. This refers to your projected annual interest rate
• Step 6: Click the calculate button to access your results. Your results will indicate how much you will accumulate after your expected period of consistent deposits into your account, as well as the returns you could make