Project the growth of your savings with recurring deposits and compound interest. See how your money can grow over time with this powerful financial tool.
Enter your investment information to calculate future growth
| Year | Start Balance | Contributions | Interest | End Balance | Growth |
|---|---|---|---|---|---|
| 1 | $ 5,000.00 | $ 2,400.00 | $ 358.50 | $ 7,758.50 | 55.2% |
| 2 | $ 7,758.50 | $ 2,400.00 | $ 643.35 | $ 10,801.85 | 39.2% |
| 3 | $ 10,801.85 | $ 2,400.00 | $ 937.56 | $ 14,139.41 | 30.9% |
| 4 | $ 14,139.41 | $ 2,400.00 | $ 1,242.22 | $ 17,781.63 | 25.8% |
| 5 | $ 17,781.63 | $ 2,400.00 | $ 1,558.44 | $ 21,740.07 | 22.3% |
Compound interest is the addition of interest to the principal sum of a loan or deposit. It's essentially interest on interest, which causes your wealth to grow exponentially over time.
A = P × (1 + r/n)^(n×t)
Where:
A = Future value of investment
P = Principal investment amount
r = Annual interest rate (decimal)
n = Number of times interest is compounded per year
t = Number of years
For recurring contributions, the formula becomes more complex as each contribution compounds for a different period. This is why using a compound interest calculator is essential for accurate projections.