$15,000 invested at 3% for 3 years
Future value
$16,391
Interest earned
$1,391
Total growth
9.2727%
Investing $15,000 at 3% compounded annually for 3 years grows to $16,391. That's $1,391 of compound interest earned on your original $15,000.
FV = $15,000 × (1 + 3%)^3
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