Emergencies can be of many types.
Most of these emergencies require the immediate pooling of money if one takes them in notice.
Sometimes, there are students who have to pay an enormous amount of fees so that they can proceed with their courses.
Also, there may be many awe-stricken people who would have to face the possible dilemma of visiting the hospitals on account of any trauma of other heart-breaking cases.
Such cases would require the tender to pool hundreds of money as hospital bills, medicines or other expenses.
Most of the time, it happens that the person is unable to cover any hefty amount or sum of money on account of various blunders.
Many of these blunders could range to the misconception of understanding the value of money as well.
Many people would not even consider investing in their tidy sums and would, somehow end up fretting if any emergency takes them by a storm.
WHAT IS COMPOUNDED DAILY INTEREST: So, why did Albert Einstein have to act such a scrooge when it comes to comparing his statements and equations related to finance? Perhaps, Einstein was the only Nobel Prize scientist who had his feet planted firmly in various opportunities and methodologies.
One such methodology which his equations explain would revolve around the understanding of science so that the people could live their lives better and evenly.
Anyhow, perhaps, Einstein also had the method of saving and investing in his money and adding several incentives on a yearly basis.
These incentives are somehow interpreted to be 'compounded daily interest' which could enable you to understand as to how much money you are depositing in the bank on account of your total sum.
In other words, this compounded daily interest could be the reason why the lending and the borrowing technique are still prevalent in such a world where scams spam and cheaters are on the rise.
This simply means that the person would have to calculate the amount of money he has to hand over to his bank or any other person in the form of interest.
The interest, of course, in the case of a lender or a borrower, is kept in terms of the former, assuring him that he would be delivered the exact amount by the latter in terms of a paycheque or in cash as well.
Nowadays, money savers have devised several ways to depict their interests and investments.
While many would prefer depositing a million dollars in the bank, some would prefer t add up thousands in the bank - all of this solely depends on the salary of the interested persons.
Nevertheless, coming to the point, either of the two may deposit a certain interest on a daily basis, so that whenever they would need the money, their money would be increased to the fraction of the entire sum.
This is however, beneficial for both the interested parties as you never know when you would be in dire need of the deposited money.
You can calculate your compounded daily interests capably at compoundaily.
com.