How to calculate compound interest total amount from principal, interest rate and time period?
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I put $ into an account earning % interest annually. If I leave it for years...
How much will I have in total?
Type of calculation: Calculating compound interest.
How to use the calculator: Since there isn't a dedicated "Compound Interest CALCULATOR" in our list, use a scientific or financial calculator. You can also use Excel or Google Sheets and the FV (Future Value) function.
The formula:
We want the final amount after 3 years with annual compounding.
General formula: A = P × (1 + r/n)^(n×t)
Given:
A = $1000 × (1 + 0.05/1)^(1×3)
A = $1000 × (1 + 0.05)^3
A = $1000 × (1.05)^3
A = $1000 × 1.157625 = $1157.63
Interest earned: Interest = A - P = $1157.63 - $1000 = $157.63
How to use the calculator: Since there isn't a dedicated "Compound Interest CALCULATOR" in our list, use a scientific or financial calculator. You can also use Excel or Google Sheets and the FV (Future Value) function.
The formula:
We want the final amount after 3 years with annual compounding.
General formula: A = P × (1 + r/n)^(n×t)
- A – future value
- P – principal amount
- r – annual interest rate (as a decimal)
- n – number of times interest is compounded per year
- t – number of years
Given:
- P = $1000
- r = 5% = 0.05
- t = 3 years
- n = 1 (annual compounding)
A = $1000 × (1 + 0.05/1)^(1×3)
A = $1000 × (1 + 0.05)^3
A = $1000 × (1.05)^3
A = $1000 × 1.157625 = $1157.63
Interest earned: Interest = A - P = $1157.63 - $1000 = $157.63
Answer: After 3 years, I'll have $ . That includes $ in earned interest.