$1,000 invested at 7% for 1 years
Future value
$1,070
Interest earned
$70
Total growth
7%
Investing $1,000 at 7% compounded annually for 1 years grows to $1,070. That's $70 of compound interest earned on your original $1,000.
FV = $1,000 × (1 + 7%)^1
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