$3,000 invested at 8% for 1 years
Future value
$3,240
Interest earned
$240
Total growth
8%
Investing $3,000 at 8% compounded annually for 1 years grows to $3,240. That's $240 of compound interest earned on your original $3,000.
FV = $3,000 × (1 + 8%)^1
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