Use a realistic annual interest rate for the product you intend to use (for example, a term deposit or Savings Certificates). If unsure, 2% is a prudent starting point.
| Year | Interest | Balance |
|---|---|---|
| 1 | €53 | €4,650 |
| 2 | €180 | €8,373 |
| 3 | €382 | €12,171 |
| 4 | €661 | €16,046 |
| 5 | €1,018 | €20,000 |
Educational estimate, not financial advice. Interest is not guaranteed and may vary.