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To find the rate of compound interest, use the formula: r = (m/p)^(1/n) – 1, where “r” is the interest rate, “m” is the final amount, “p” is the principal amount, and “n” is the number of times the interest is compounded per year. This formula can be used to calculate the annual interest rate for a specific period of time.
The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.
At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.