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Compound interest calculator
Compound Interest is calculated on the initial payment and also on the interest of previous periods.
Example: Suppose you give \$100 to a bank which pays you 10% compound interest at the end of every year. After one year you will have \$100 + 10% = \$110, and after two years you will have \$110 + 10% = \$121.
examples
example 1:
What will a deposit of $\color{blue}{\$4500}$ at $\color{blue}{7\%}$ compounded $\color{blue}{\text{yearly}}$ interest be worth if left in the bank for $\color{blue}{\text{9 years}}$ ?
example 2:
What will a deposit of $\color{blue}{\$3500}$ at $\color{blue}{10\,\%}$ compounded $\color{blue}{\text{monthly}}$ be worth if left in the bank for $\color{blue}{8 \, \text{years}}$ ?
example 3:
How much money would you need to deposit today at $\color{blue}{8\% \, \text{annual}}$ interest compounded $\color{blue}{\text{monthly}}$ to have
$\color{blue}{\$1200}$ in the account after $\color{blue}{12 \, \text{years}} \, \text{?}$
example 4:
Find the present value of $\color{blue}{\$1000}$ to be received at the end of $\color{blue}{2 \, \text{years}}$ at a $\color{blue}{12\%}$ nominal annual
interest rate compounded $\color{blue}{\text{quarterly}}$.
example 5:
What annual interest rate is implied if you lend someone $\color{blue}{\$1700}$ and are repaid $\color{blue}{\$ 1910}$ in $\color{blue}{\text{two years}}$?
example 6:
Suppose that a savings account is compounded $\color{blue}{\text{monthly}}$ with a principal of $\color{blue}{\$1350}$.
After $\color{blue}{8 \, \text{months}}$, the amount increased to $\color{blue}{\$ 1424}$. What was the per annum interest rate?
example 7:
How long does it take for $\color{blue}{\$4300}$ to grow into $\color{blue}{\$6720}$ at $\color{blue}{9\,\%}$ compounded $\color{blue}{\text{quarterly}}$?
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