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$1,000 Compound Interest Over 15 Years
What will $1,000 be worth after 15 years if you never add to it? This page starts at 6 percent a year. Change the return to test other cases.
By the end of 15 years the balance is $2,454. Interest has added $1,454 to the original $1,000.
How the growth is worked out
Compound interest means interest earns interest. Each month the balance gains 0.5 percent of itself. After 180 months of that, $1,000 has grown by a factor of 2.454.
Worked example
Take $1,000 at 6 percent over 15 years. The final balance is $2,454, which is 2.45 times the amount you started with.
Growth gets faster. The first 7.5 years bring the balance to $1,567. The next 7.5 years add $888.
Questions about this calculator
What if you added $100 a month to $1,000 over 15 years?
The balance would reach $31,536 instead of $2,454. The deposits would add $18,000.
What yearly return would double $1,000 in 15 years?
About 4.7 percent a year. That is the rate at which $1,000 reaches $2,000 by year 15.
Is a lump sum of $1,000 better than depositing it monthly over 15 years?
For growth, yes. $1,000 invested at the start reaches $2,454. The same money split into 180 equal monthly deposits reaches only $1,616 at 6 percent because most of it spends less time growing. Monthly deposits suit a budget while a lump sum suits cash you already have.
Is 15 years long enough for $1,000 to double at 6 percent?
$1,000 reaches $2,000 after about 11.6 years. So 15 years is more than enough. A quick check is to divide 72 by the rate, which gives 12 years.
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This page is for education only and is not financial or tax advice.