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<calculator> <vos> <common> <AssumptionText type="cdata"><![CDATA[<p><b><font size="+1">Calculator Information</font></b></p><p>The Saving Plan Calculator calculates the total accumulation in a savings account, at the regular deposit frequency requested, in respect of the savings plan parameters entered, namely initial amount, regular deposit amount, term and interest rate.</p><p>The projected account balances do not take into account fees which may be levied. </p><p>The interest rate earned is not assumed to change over the savings term. In reality interest rates offered do often change over time.</p><p>Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly, In practice, the interest compounding frequency may not be the same as repayment frequency.</p><p>The projected savings balances are calculated on the assumption that all interest earned is reinvested in the account at the time it is earned.</p><p>Calculator makes no allowance for inflation.</p><p>Calculator makes no allowance for any income tax payable on the interest earned.</p><p>The interest rate input in the loan section of the calculator is a nominal interest rate per annum. The interest applied over each repayment period has been calculated as the nominal interest rate divided by the number of deposit periods.</p><p>Calculator assumes that interest is credited to the savings account at the same frequency as the deposits are made. In practice, there may be differences between the timing of the deposits and the timing of the interest being credited to the account.</p><p><b><font size="+1">Calculator Assumptions</font></b></p><p><b>Length of Month</b></p><p>As done in most financial calculators, all months are assumed to be of equal length. In reality, many savings accounts accrue on a daily basis leading to a varying number of days’ interest dependent on the number of days in the particular month.</p><p><b>Number of Weeks & Fortnights in a Year</b></p><p>One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.</p><p><b>Deposit and Interest Compounding Frequency</b></p><p>The calculator assumes that deposits and interest crediting occurs at the same frequency. This frequency is an input parameter entered by the user - namely annually, monthly, fortnightly or weekly.</p><p><b>Rounding of Amounts of Total Accumulation and Interest Earned</b></p><p>The amounts of total accumulation and interest earned are rounded to the nearer cent. In practice, the accuracy in these amounts is dependent on the rounding protocols used for interim amounts of interest credited to the account.</p>]]></AssumptionText> <!--<Footer type="cdata"><![CDATA[ Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Information such as interest rates quoted and default figures used in the assumptions are subject to change. This calculator does not take into account any change in the cost of living between the time of this calculator being used and the future time inputted into it. This calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. You should consider obtaining advice from a financial services licensee before making any financial decisions. Calculator © InfoChoice 2020. ]]></Footer>--> <Footer type="cdata"><![CDATA[ Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. This calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. You should consider obtaining advice from a financial services licensee before making any financial decisions. Results are based on information you have provided and do not take your personal circumstances into account. Calculator © InfoChoice 2024. ]]></Footer> </common> <savingsPlan> <StartingDeposit type="num" default="5000" step="1000" /> <RegularDeposit type="num" default="1000" min="10" max="1000000" step="1000" /> <StartingDepositRanges value="0,10000,30000,10000000" /> <StartingDepositValues value="100,1000,5000" /> <StartingDepositInputMax value="10000000" /> <RegularDepositRanges value="0,20000,50000,1000000" /> <RegularDepositValues value="100,1000,5000" /> <RegularDepositInputMax value="1000000" /> <InterestFreq type="list" selectedindex="0">Weekly,Fortnightly,Monthly,Annually</InterestFreq> <DepositFreq type="list">Weekly,Fortnightly,Monthly,Annually</DepositFreq> <InterestRate type="num" default="2" max="20" /> <SavingsTerm type="num" default="3" min="1" max="25" /> <SmartPhoneFirstPageHeading label="Your Savings Details" /> <SmartPhoneSecondPageHeading label="What are My Savings Details?" /> </savingsPlan> <Configuration> <InterestColumnHeading value="Cumulative Interest" /> <DepositedColumnHeading value="Cumulative Deposits" /> </Configuration> </vos> <components> <DepositFreqForm visible="false" height="-5" /> </components> </calculator>
