$20,000 invested at 7% for 1 years
Future value
$21,400
Interest earned
$1,400
Total growth
7%
Investing $20,000 at 7% compounded annually for 1 years grows to $21,400. That's $1,400 of compound interest earned on your original $20,000.
FV = $20,000 × (1 + 7%)^1
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