Final Amount: $2,009.66
Total Contributions: $1,000
Total Interest Earned: $1,009.66
How it works
This calculator uses two different calculations:
- For the initial investment, interest is compounded based on your selected frequency (annually, monthly, or daily)
- For monthly contributions, interest is always compounded monthly to match your payment schedule
- Example of compounding frequency impact:
- With 7% annual interest on $1000:
- - Annual: Interest added once, giving $1070 after a year
- - Monthly: Interest added 12 times, giving $1072.29 after a year
- - Daily: Interest added 365 times, giving $1072.50 after a year