$20,000 invested at 3% for 1 years
Future value
$20,600
Interest earned
$600
Total growth
3%
Investing $20,000 at 3% compounded annually for 1 years grows to $20,600. That's $600 of compound interest earned on your original $20,000.
FV = $20,000 × (1 + 3%)^1
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