Calculate the Future Investment Value and the Compound Interest earned by a principal of 102.00 (Dollar, Euro, Pound, ...), initial amount of money lent, deposited or borrowed, with a duration of 3 years, 2 months and 15 days, 3.00% 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 = 102.00


r, Annual compound interest rate, r = 3.00%


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


r/n = 3.00%/360 = (3.00 ÷ 100)/360 = 3.00/(100 × 360)
r/n = 0.000083333333


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

n×t =

+ 3 years × 360 days / year
+ 2 months × 30 days / month
+ 15 days

n×t = 1,155 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 =


102.00 × (1 + 0.000083333333)1,155 =


102.00 × 1.0000833333331,155 =


102.00 × 1.101029872386 ≈


112.31


[3] Compound interest amount, CI
Calculation formula

CI = FV - P


CI, compound interest amount

FV, Future Investment Value

P, Principal (initial amount)


CI ≈


112.31 - 102.00 ≈


10.31


[4] Project Breakdown. Monthly.

Interest compounded: daily (360 times a year).

Month Days Interest Total
interest
Balance
0 0 -- -- 102.00
1 30 0.26 0.26 102.26
2 30 0.26 0.51 102.51
3 30 0.26 0.77 102.77
4 30 0.26 1.03 103.03
5 30 0.26 1.28 103.28
6 30 0.26 1.54 103.54
7 30 0.26 1.80 103.80
8 30 0.26 2.06 104.06
9 30 0.26 2.32 104.32
10 30 0.26 2.58 104.58
11 30 0.26 2.84 104.84
12 30 0.26 3.11 105.11
13 30 0.26 3.37 105.37
14 30 0.26 3.63 105.63
15 30 0.26 3.90 105.90
16 30 0.27 4.16 106.16
17 30 0.27 4.43 106.43
18 30 0.27 4.69 106.69
19 30 0.27 4.96 106.96
20 30 0.27 5.23 107.23
21 30 0.27 5.50 107.50
22 30 0.27 5.77 107.77
23 30 0.27 6.04 108.04
24 30 0.27 6.31 108.31
25 30 0.27 6.58 108.58
26 30 0.27 6.85 108.85
27 30 0.27 7.12 109.12
28 30 0.27 7.40 109.40
29 30 0.27 7.67 109.67
30 30 0.27 7.94 109.94
31 30 0.28 8.22 110.22
32 30 0.28 8.49 110.49
33 30 0.28 8.77 110.77
34 30 0.28 9.05 111.05
35 30 0.28 9.33 111.33
36 30 0.28 9.61 111.61
37 30 0.28 9.88 111.88
38 30 0.28 10.16 112.16
39 15 0.14 10.31 112.31
Month Days Interest Total
interest
Balance

Answer:

Principal (initial amount) = 102.00

Future Investment Value = 112.31

Compound interest amount = 10.31


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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