$20,000 invested at 2% for 1 years
Future value
$20,400
Interest earned
$400
Total growth
2%
Investing $20,000 at 2% compounded annually for 1 years grows to $20,400. That's $400 of compound interest earned on your original $20,000.
FV = $20,000 × (1 + 2%)^1
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