$20,000 invested at 7% for 3 years
Future value
$24,501
Interest earned
$4,501
Total growth
22.5043%
Investing $20,000 at 7% compounded annually for 3 years grows to $24,501. That's $4,501 of compound interest earned on your original $20,000.
FV = $20,000 × (1 + 7%)^3
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