Calculate the Future Investment Value and the Compound Interest earned by a principal of 113.00 (Dollar, Euro, Pound, ...), initial amount of money lent, deposited or borrowed, with a duration of 4 years, 1 month and 23 days, 1.40% 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 = 113.00


r, Annual compound interest rate, r = 1.40%


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


r/n = 1.40%/360 = (1.40 ÷ 100)/360 = 1.40/(100 × 360)
r/n = 0.000038888889


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

n×t =

+ 4 years × 360 days / year
+ 1 month × 30 days / month
+ 23 days

n×t = 1,493 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 =


113.00 × (1 + 0.000038888889)1,493 =


113.00 × 1.0000388888891,493 =


113.00 × 1.059778561802 ≈


119.75


[3] Compound interest amount, CI
Calculation formula

CI = FV - P


CI, compound interest amount

FV, Future Investment Value

P, Principal (initial amount)


CI ≈


119.75 - 113.00 ≈


6.75


[4] Project Breakdown. Monthly.

Interest compounded: daily (360 times a year).

Month Days Interest Total
interest
Balance
0 0 -- -- 113.00
1 30 0.13 0.13 113.13
2 30 0.13 0.26 113.26
3 30 0.13 0.40 113.40
4 30 0.13 0.53 113.53
5 30 0.13 0.66 113.66
6 30 0.13 0.79 113.79
7 30 0.13 0.93 113.93
8 30 0.13 1.06 114.06
9 30 0.13 1.19 114.19
10 30 0.13 1.33 114.33
11 30 0.13 1.46 114.46
12 30 0.13 1.59 114.59
13 30 0.13 1.73 114.73
14 30 0.13 1.86 114.86
15 30 0.13 1.99 114.99
16 30 0.13 2.13 115.13
17 30 0.13 2.26 115.26
18 30 0.13 2.40 115.40
19 30 0.13 2.53 115.53
20 30 0.13 2.67 115.67
21 30 0.14 2.80 115.80
22 30 0.14 2.94 115.94
23 30 0.14 3.07 116.07
24 30 0.14 3.21 116.21
25 30 0.14 3.34 116.34
26 30 0.14 3.48 116.48
27 30 0.14 3.62 116.62
28 30 0.14 3.75 116.75
29 30 0.14 3.89 116.89
30 30 0.14 4.02 117.02
31 30 0.14 4.16 117.16
32 30 0.14 4.30 117.30
33 30 0.14 4.44 117.44
34 30 0.14 4.57 117.57
35 30 0.14 4.71 117.71
36 30 0.14 4.85 117.85
37 30 0.14 4.98 117.98
38 30 0.14 5.12 118.12
39 30 0.14 5.26 118.26
40 30 0.14 5.40 118.40
41 30 0.14 5.54 118.54
42 30 0.14 5.67 118.67
43 30 0.14 5.81 118.81
44 30 0.14 5.95 118.95
45 30 0.14 6.09 119.09
46 30 0.14 6.23 119.23
47 30 0.14 6.37 119.37
48 30 0.14 6.51 119.51
49 30 0.14 6.65 119.65
50 23 0.11 6.75 119.75
Month Days Interest Total
interest
Balance

Answer:

Principal (initial amount) = 113.00

Future Investment Value = 119.75

Compound interest amount = 6.75


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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