Calculate the Future Investment Value and the Compound Interest earned by a principal of 68.80 (Dollar, Euro, Pound, ...), initial amount of money lent, deposited or borrowed, with a duration of 4 years, 10 months and 9 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 = 68.80


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 =

+ 4 years × 360 days / year
+ 10 months × 30 days / month
+ 9 days

n×t = 1,749 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 =


68.80 × (1 + 0.000055555556)1,749 =


68.80 × 1.0000555555561,749 =


68.80 × 1.102041058793 ≈


75.82


[3] Compound interest amount, CI
Calculation formula

CI = FV - P


CI, compound interest amount

FV, Future Investment Value

P, Principal (initial amount)


CI ≈


75.82 - 68.80 ≈


7.02


[4] Project Breakdown. Monthly.

Interest compounded: daily (360 times a year).

Month Days Interest Total
interest
Balance
0 0 -- -- 68.80
1 30 0.11 0.11 68.91
2 30 0.11 0.23 69.03
3 30 0.12 0.34 69.14
4 30 0.12 0.46 69.26
5 30 0.12 0.58 69.38
6 30 0.12 0.69 69.49
7 30 0.12 0.81 69.61
8 30 0.12 0.92 69.72
9 30 0.12 1.04 69.84
10 30 0.12 1.16 69.96
11 30 0.12 1.27 70.07
12 30 0.12 1.39 70.19
13 30 0.12 1.51 70.31
14 30 0.12 1.62 70.42
15 30 0.12 1.74 70.54
16 30 0.12 1.86 70.66
17 30 0.12 1.98 70.78
18 30 0.12 2.10 70.90
19 30 0.12 2.21 71.01
20 30 0.12 2.33 71.13
21 30 0.12 2.45 71.25
22 30 0.12 2.57 71.37
23 30 0.12 2.69 71.49
24 30 0.12 2.81 71.61
25 30 0.12 2.93 71.73
26 30 0.12 3.05 71.85
27 30 0.12 3.17 71.97
28 30 0.12 3.29 72.09
29 30 0.12 3.41 72.21
30 30 0.12 3.53 72.33
31 30 0.12 3.65 72.45
32 30 0.12 3.77 72.57
33 30 0.12 3.89 72.69
34 30 0.12 4.01 72.81
35 30 0.12 4.13 72.93
36 30 0.12 4.25 73.05
37 30 0.12 4.38 73.18
38 30 0.12 4.50 73.30
39 30 0.12 4.62 73.42
40 30 0.12 4.74 73.54
41 30 0.12 4.87 73.67
42 30 0.12 4.99 73.79
43 30 0.12 5.11 73.91
44 30 0.12 5.23 74.03
45 30 0.12 5.36 74.16
46 30 0.12 5.48 74.28
47 30 0.12 5.61 74.41
48 30 0.12 5.73 74.53
49 30 0.12 5.85 74.65
50 30 0.12 5.98 74.78
51 30 0.12 6.10 74.90
52 30 0.12 6.23 75.03
53 30 0.13 6.35 75.15
54 30 0.13 6.48 75.28
55 30 0.13 6.60 75.40
56 30 0.13 6.73 75.53
57 30 0.13 6.86 75.66
58 30 0.13 6.98 75.78
59 9 0.04 7.02 75.82
Month Days Interest Total
interest
Balance

Answer:

Principal (initial amount) = 68.80

Future Investment Value = 75.82

Compound interest amount = 7.02


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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