What a lump sum grows to when the interest earns interest
Enter principal, interest rate per period and number of periods to work out the what a lump sum grows to when the interest earns interest.
Interest left in the account starts earning interest of its own. Run that for a few periods and the balance climbs faster each time round, because there is more sitting there to earn on.
Whatever period you count in, quote the rate in it too. Ten months at 0.5% a month, not ten months at 6% a year.
One sum, left alone. Nothing paid in, nothing taken out, rate fixed. For regular deposits use Annuity Value. To find how long a target takes, Savings Goal.