Nothing makes you feel on top of the world than seeing your money double. It is the ultimate sign that you are doing well with your money. It is with great pleasure hence, that we give you this calculator. This is a simple and effective calculator that allows you to decide how fast you want to double your money.
You first enter the principal investment amount you want to double in the Amount Invested field. Next, select the periodicity of compounding interest (monthly, quarterly, half-yearly, and annual), and then your desired annual rate of return. Finally, you enter the target time period within which you want to see your investment principal doubled.
The moment you enter these figures, your answer is displayed in the Actual Tenure Required field. You also have the luxury of a bar chart. The bar on the left denotes the expected tenure that you entered and the bar on the right displays the actual time period taken to double your money. Needless to say, so long as the bar on the right remains green, your investment is doing better than you hoped, doubling your money even before your own targeted time horizon. If it is red, you need to re-analyze your rates of return or time horizon.
This calculator will help you to analyze your financial goals at a conceptual level. It will tell you whether you are on track to your financial goals. And finally, it will also allow you to adjust/reset your goal by the simple act of adjusting/resetting the calculator parameters. In short, you use this calculator to not just set yourself a financial goal, but also to rethink, rejig, or adjust your investment parameters so that your goal isn�t affected.