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Compound interest on 1,000 at 7% for 5 years

Investing 1,000 at 7% per year, compounded monthly, grows to 1,417.63 after 5 years — 417.63 in interest.

Grows to 1,417.63

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Full breakdown

Future value (monthly compounding)1,417.63
Interest earned417.63
Growth multiple1.42×
Same with simple interest1,350
Extra from compounding67.63

Step-by-step working

  1. Monthly rate = 7% ÷ 12 = 0.5833%
  2. Periods = 5 × 12 = 60
  3. A = 1000 × (1 + 0.005833)^60 = 1,417.63

A = P × (1 + r/n)^(n·t), n = 12

Try your own numbers with the Compound Interest Calculator.

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