Calculate how much your money will be worth in the future with compounding interest. You can select yearly, monthly or daily compounding intervals.
Your initial investment of £10,000 will grow to £16,470 after a period of 10 years.
Your initial investment of £10,000 will grow to £16,470 after a period of 10 years.
This table below shows the breakdown of your compound interest calculation for each year.
| Year | Starting balance | Contributions | Interest | Ending balance |
|---|---|---|---|---|
| 0 | £10,000.00 | £0.00 | £0.00 | £10,000.00 |
| 1 | £10,000.00 | £0.00 | £511.62 | £10,511.62 |
| 2 | £10,511.62 | £0.00 | £537.79 | £11,049.41 |
| 3 | £11,049.41 | £0.00 | £565.31 | £11,614.72 |
| 4 | £11,614.72 | £0.00 | £594.23 | £12,208.95 |
| 5 | £12,208.95 | £0.00 | £624.63 | £12,833.58 |
| 6 | £12,833.58 | £0.00 | £656.59 | £13,490.17 |
| 7 | £13,490.17 | £0.00 | £690.18 | £14,180.35 |
| 8 | £14,180.35 | £0.00 | £725.49 | £14,905.84 |
| 9 | £14,905.84 | £0.00 | £762.61 | £15,668.45 |
| 10 | £15,668.45 | £0.00 | £801.63 | £16,470.08 |
Compound interest is when the interest is added to the principal amount instead of being paid out, so the interest generated in the next period will be on the principal amount plus any accumulated interest.
The accumulative effect can be very powerful over a number of years!
For example
If you have £1,000 and 5% annual interest, and you reinvest the interest every year, after 3 years you will have £1,157.63. That’s a 15.7% increase!
| Year | Capital | Interest | Total |
|---|---|---|---|
| 1 | £1,000 | £50 | £1050 |
| 2 | £1,050 | £52.50 | £1,102.50 |
| 3 | £1,102.50 | £55.13 | £1,157.63 |
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