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Compound interest on 1,000 at 3% for 30 years

Investing 1,000 at 3% per year, compounded monthly, grows to 2,456.84 after 30 years — 1,456.84 in interest.

Grows to 2,456.84

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Full breakdown

Future value (monthly compounding)2,456.84
Interest earned1,456.84
Growth multiple2.46×
Same with simple interest1,900
Extra from compounding556.84

Step-by-step working

  1. Monthly rate = 3% ÷ 12 = 0.2500%
  2. Periods = 30 × 12 = 360
  3. A = 1000 × (1 + 0.002500)^360 = 2,456.84

A = P × (1 + r/n)^(n·t), n = 12

Try your own numbers with the Compound Interest Calculator.

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