Albert Einstein is said to have called "the power of compound interest the most powerful force in the universe." The story in this posting will illustrate the power far better than I ever could in theory. It will also allow me an opportunity to come clean on my use of this quote.
A recent Huffington Post story ran about a woman celebrating her 98th year as a customer of a local bank. June Greg's father deposited $6.11 into her account 98 years ago, when she was only two years old. My colleague Conrad deAenlle also wrote about this money in the bank.
How much would $6.11 be worth today?
Neither the article or the bank said how much the $6.11 would have grown to today. But if the account paid a 2 percent interest rate, June would now have $42.55 and could buy a moderately priced dinner to celebrate her 100th birthday
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