If 48672 was invested in a savings account each year for five years at a rate of 09 APY the total in the account by the end of those five years 219 would be gained in interest. You can find the best rates on CDs checking savings and money market accounts. To calculate the future value of a monthly investment enter the beginning balance the monthly dollar amount you plan to deposit the interest rate you expect to earn and the number of years you expect to continue making monthly deposits then click the Calculate button.
The formula for compound interest is P 1 rn nt where P is the initial principal balance r is the interest rate n is the number of times interest is compounded per time period and t is the number of time periods.
Compound interest or interest on interest is calculated with the compound interest formula. Even small deposits to a. To calculate compound interest youll need. If 48672 was invested in a savings account each year for five years at a rate of 09 APY the total in the account by the end of those five years 219 would be gained in interest.