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Take a look at this:
You woke up this morning and decided, every month I want to save £100 each month in a savings account that pays 5% annual interest rate.
5 years later, You wake up and look at your account and your balance is £6,828.94
10 years later, as you continue to deposit your £100 and you check your account as it says, you have £15,592.93
30 years later, you check the account again and it says, you have £83,572.64 saved
What is happening here?
“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”
The 8th Wonder of the World