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Lesson 8: Super-Size Your Savings
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Terms in this set (7)
compound interest
adding the interest earned on an account to the principal balance so that the earned interest earns interest.
financial calculator
a calculator that has been preloaded with financial formulas such as the the compound interest formula.
invest
to commit money to buy assets with the expectation of the value of the assets increasing over time.
liquidity
the ability to quickly convert an asset to cash.
round up account
savings program that rounds up debit card purchases to the nearest dollar and automatically transfers the difference to a savings or investment account.
Rule of 72
a method for estimating the time it takes for a sum of money to double in value through compounding.
simple interest
interest that is paid out as it is earned and is not added to the principal balance.
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