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Compound interest on 1,000 at 5% for 20 years

Investing 1,000 at 5% per year, compounded monthly, grows to 2,712.64 after 20 years — 1,712.64 in interest.

Grows to 2,712.64

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Full breakdown

Future value (monthly compounding)2,712.64
Interest earned1,712.64
Growth multiple2.71×
Same with simple interest2,000
Extra from compounding712.64

Step-by-step working

  1. Monthly rate = 5% ÷ 12 = 0.4167%
  2. Periods = 20 × 12 = 240
  3. A = 1000 × (1 + 0.004167)^240 = 2,712.64

A = P × (1 + r/n)^(n·t), n = 12

Try your own numbers with the Compound Interest Calculator.

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