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Compound interest on 1,000 at 10% for 20 years

Investing 1,000 at 10% per year, compounded monthly, grows to 7,328.07 after 20 years — 6,328.07 in interest.

Grows to 7,328.07

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Full breakdown

Future value (monthly compounding)7,328.07
Interest earned6,328.07
Growth multiple7.33×
Same with simple interest3,000
Extra from compounding4,328.07

Step-by-step working

  1. Monthly rate = 10% ÷ 12 = 0.8333%
  2. Periods = 20 × 12 = 240
  3. A = 1000 × (1 + 0.008333)^240 = 7,328.07

A = P × (1 + r/n)^(n·t), n = 12

Try your own numbers with the Compound Interest Calculator.

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