Friendly Toolkit
APY Calculator
What's the APY?
See how savings grow with compound interest and monthly deposits, year by year.
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Suggest an improvementThe compound interest formula
A = P × (1 + r/n)n·t
P is the starting amount, r the yearly rate, n how many times a year interest is added and t the number of years. 10,000 at 5% compounded monthly for 10 years grows to 16,470.09. Monthly deposits are added at the end of each month.
Good to know
What is APY?
The annual percentage yield is what you really earn in a year once compounding is included: (1 + r/n)n − 1. 5% compounded monthly is an APY of 5.116%.
How long does it take to double my money?
Roughly 72 divided by the rate (the rule of 72). At 7.2% a year it takes about 10 years. The calculator shows the exact figure.
Does this include tax or inflation?
No. Results are before tax and in today's money. Real returns will be lower.