A mutual fund has an annual return of 8%. If you invest $1,000, how much will yo

A mutual fund has an annual return of 8%. If you invest $1,000, how much will you have after 3 years with compound interest?

A mutual fund has an annual return of 8%. If you invest $1,000, how much will you have after 3 years with compound interest?

Compound Interest – The process of earning interest on both the initial principal and the accumulated interest from previous periods.
Exponential Growth – Understanding how investments grow over time when compounded, as opposed to simple interest.
Time Value of Money – The principle that money available now is worth more than the same amount in the future due to its potential earning capacity.