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Compound interest on 5,000 at 7% for 10 years

Investing 5,000 at 7% per year, compounded monthly, grows to 10,048.31 after 10 years — 5,048.31 in interest.

Grows to 10,048.31

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Full breakdown

Future value (monthly compounding)10,048.31
Interest earned5,048.31
Growth multiple2.01×
Same with simple interest8,500
Extra from compounding1,548.31

Step-by-step working

  1. Monthly rate = 7% ÷ 12 = 0.5833%
  2. Periods = 10 × 12 = 120
  3. A = 5000 × (1 + 0.005833)^120 = 10,048.31

A = P × (1 + r/n)^(n·t), n = 12

Try your own numbers with the Compound Interest Calculator.

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