Calculate the Future Investment Value and the Compound Interest earned by a principal of 1.13 (Dollar, Euro, Pound, ...), initial amount of money lent, deposited or borrowed, with a duration of 3 years, 8 months and 11 days, 2.00% annual interest rate, compounded daily (360 times a year)

Calculation formula. Used notations. Project Breakdown.


[1] Calculation method used: 30 / 360

Number of days in a month = 30


Number of days in a year = 360


[2] Future Investment Value, FV
Calculation formula:

FV =


P × (1 + r/n)n×t


FV, Future Investment Value


P, Principal (initial amount), P = 1.13


r, Annual compound interest rate, r = 2.00%


n, Number of times the interest compounds during a year
Compound frequency: daily (360 times a year)
n = 360


r/n = 2.00%/360 = (2.00 ÷ 100)/360 = 2.00/(100 × 360)
r/n = 0.000055555556


t, Duration of the investment
n×t, Duration of the investment, related to n

n×t =

+ 3 years × 360 days / year
+ 8 months × 30 days / month
+ 11 days

n×t = 1,331 days


>> Compound Interest: what is it, how is it calculated?


Calculate FV
Substitute for the values in the FV formula:

FV =


P × (1 + r/n)n×t =


1.13 × (1 + 0.000055555556)1,331 =


1.13 × 1.0000555555561,331 =


1.13 × 1.076744773627 ≈


1.22


[3] Compound interest amount, CI
Calculation formula

CI = FV - P


CI, compound interest amount

FV, Future Investment Value

P, Principal (initial amount)


CI ≈


1.22 - 1.13 ≈


0.09


[4] Project Breakdown. Monthly.

Interest compounded: daily (360 times a year).

Month Days Interest Total
interest
Balance
0 0 -- -- 1.13
1 30 0.00 0.00 1.13
2 30 0.00 0.00 1.13
3 30 0.00 0.01 1.14
4 30 0.00 0.01 1.14
5 30 0.00 0.01 1.14
6 30 0.00 0.01 1.14
7 30 0.00 0.01 1.14
8 30 0.00 0.02 1.15
9 30 0.00 0.02 1.15
10 30 0.00 0.02 1.15
11 30 0.00 0.02 1.15
12 30 0.00 0.02 1.15
13 30 0.00 0.02 1.15
14 30 0.00 0.03 1.16
15 30 0.00 0.03 1.16
16 30 0.00 0.03 1.16
17 30 0.00 0.03 1.16
18 30 0.00 0.03 1.16
19 30 0.00 0.04 1.17
20 30 0.00 0.04 1.17
21 30 0.00 0.04 1.17
22 30 0.00 0.04 1.17
23 30 0.00 0.04 1.17
24 30 0.00 0.05 1.18
25 30 0.00 0.05 1.18
26 30 0.00 0.05 1.18
27 30 0.00 0.05 1.18
28 30 0.00 0.05 1.18
29 30 0.00 0.06 1.19
30 30 0.00 0.06 1.19
31 30 0.00 0.06 1.19
32 30 0.00 0.06 1.19
33 30 0.00 0.06 1.19
34 30 0.00 0.07 1.20
35 30 0.00 0.07 1.20
36 30 0.00 0.07 1.20
37 30 0.00 0.07 1.20
38 30 0.00 0.07 1.20
39 30 0.00 0.08 1.21
40 30 0.00 0.08 1.21
41 30 0.00 0.08 1.21
42 30 0.00 0.08 1.21
43 30 0.00 0.08 1.21
44 30 0.00 0.09 1.22
45 11 0.00 0.09 1.22
Month Days Interest Total
interest
Balance

Answer:

Principal (initial amount) = 1.13

Future Investment Value = 1.22

Compound interest amount = 0.09


More calculations on Compound Interest and Future Investment Value:

Calculator: Compound Interest, Future Investment Value

FV = P × (1 + r/n)n×t + A × [(1 + r/m)m×t - 1] ÷ r/m

FV = Future Value of investment

P = Principal amount invested (the original contribution)

A = Regular contribution (additional money added periodically to the initial investment, P)

r = Annual Interest Rate the investment is earning

n = Number of times the interest compounds during a year

m = Number of times the regular contribution is made during a year

t = Number of years the investment is going to be active

t and r are expressed using the same time units

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