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Compound interest calculator: what will your money be worth?

With compound interest, your interest earns interest too. At 5% a year, $10,000 becomes $16,288.95 after 10 years, which is $6,288.95 of interest. Enter your numbers to see what your money can become.

How often is the interest compounded?
Final amount
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Interest earned
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Calculated with a fixed rate and interest compounded as you chose. It doesn't count added deposits, fees, tax or inflation.

A part of a period earns its share of that period's interest.

Frequently asked questions

How do you calculate compound interest?

With interest compounded once a year, multiply the amount by 1 plus the rate, once for each year. On $10,000 at 5%, the first year gives $10,500, the second $11,025, and so on.

How is it different from simple interest?

Simple interest is always calculated on the starting amount. On $10,000 at 5% for 10 years, it gives $15,000, against $16,288.95 with compound interest.

How long does it take my money to double?

Divide 72 by the rate for an approximation. At 5%, that's about 14 years.

Is the interest taxable?

Generally yes, outside a registered account such as a TFSA. The calculation doesn't count that tax.

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With up-to-date books, you can see where your money stands. Our bookkeeping plan starts at $49.99 a month, plus taxes.

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This calculator gives an estimate. It's general information, not financial or investment advice. Actual returns may differ.