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Compound interest on 1,000 at 7% for 10 years

Investing 1,000 at 7% per year, compounded monthly, grows to 2,009.66 after 10 years — 1,009.66 in interest.

Grows to 2,009.66

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Full breakdown

Future value (monthly compounding)2,009.66
Interest earned1,009.66
Growth multiple2.01×
Same with simple interest1,700
Extra from compounding309.66

Step-by-step working

  1. Monthly rate = 7% ÷ 12 = 0.5833%
  2. Periods = 10 × 12 = 120
  3. A = 1000 × (1 + 0.005833)^120 = 2,009.66

A = P × (1 + r/n)^(n·t), n = 12

Try your own numbers with the Compound Interest Calculator.

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