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Calculates how much you will need to deposit on a regular basis to reach your savings goal.
It does not take into account any possible account fees.
It does not take into account income tax payable on interest earned.
Interest rate does not change over the saving term.
Interest is calculated by compounding on the same deposit frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as deposit frequency.
It is assumed that a year consists of 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
No rounding is done throughout the calculation, whereas the account balance is rounded to at least the nearest cent in practice.