See how your money grows over time with the power of compound interest
| Year | Contributions | Interest | Total Balance |
|---|
Get your calculation results emailed to you, plus weekly financial tips.
Open a high-yield savings account earning 4-5% APY. FDIC insured.
Marcus (4.40% APY) Ally Bank (4.20% APY)Compound interest is interest earned on both your original principal and on previously earned interest. Albert Einstein reportedly called it the "eighth wonder of the world." The more frequently interest compounds and the longer your time horizon, the more dramatic the growth.
Formula: A = P(1 + r/n)^(nt) + PMT * [((1 + r/n)^(nt) - 1) / (r/n)], where P = principal, r = annual rate, n = compounds per year, t = years, PMT = periodic contribution.
Plan your investment strategy with our Budget Template.
Get Budget Spreadsheet →Book a free 15-minute strategy call. We build custom automation for businesses.
Book a Call