See how money grows when the interest earns interest too. Change any number and the results update instantly.
| Year | Put in | Interest | Balance |
|---|---|---|---|
| 1 | $2,200 | $112 | $2,312 |
| 2 | $3,400 | $318 | $3,718 |
| 3 | $4,600 | $626 | $5,226 |
| 4 | $5,800 | $1,043 | $6,843 |
| 5 | $7,000 | $1,577 | $8,577 |
| 6 | $8,200 | $2,236 | $10,436 |
| 7 | $9,400 | $3,030 | $12,430 |
| 8 | $10,600 | $3,968 | $14,568 |
| 9 | $11,800 | $5,060 | $16,860 |
| 10 | $13,000 | $6,318 | $19,318 |
| 11 | $14,200 | $7,754 | $21,954 |
| 12 | $15,400 | $9,380 | $24,780 |
| 13 | $16,600 | $11,211 | $27,811 |
| 14 | $17,800 | $13,261 | $31,061 |
| 15 | $19,000 | $15,545 | $34,545 |
| 16 | $20,200 | $18,082 | $38,282 |
| 17 | $21,400 | $20,888 | $42,288 |
| 18 | $22,600 | $23,985 | $46,585 |
| 19 | $23,800 | $27,392 | $51,192 |
| 20 | $25,000 | $31,131 | $56,131 |
Want it as a game? Try What If You Saved…: what $2 a day since you were 18 would be worth now.
Interest that is paid on your original money and on the interest it has already earned. Over long periods the interest-on-interest part grows faster than the money you put in.
For a single deposit: A = P × (1 + r/n)^(n×t), where P is the starting amount, r the yearly rate as a decimal, n the number of compounding periods per year and t the number of years. Regular contributions are added on top, each growing for the time it is invested.
A little. At 7% a year, daily compounding gives about 7.25% effective, monthly about 7.23% and yearly exactly 7%. The interest rate and the number of years matter far more.
No. It is a maths tool. Real returns change from year to year, and fees, taxes and inflation lower what you actually keep.
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