$20,000 invested at 8% for 1 years
Future value
$21,600
Interest earned
$1,600
Total growth
8%
Investing $20,000 at 8% compounded annually for 1 years grows to $21,600. That's $1,600 of compound interest earned on your original $20,000.
FV = $20,000 × (1 + 8%)^1
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