1000 × 1·08 𝑡 after 𝑡 years. This graph shows the balance over time. The starting value is £1000, and the decimal multiplier of 1·08 shows the growth of 8% each year: ...

The formula for exponential growth is V = S x (1+R) T, where S is the starting value, R is the interest rate, T is the number of periods that have elapsed, and V is the current value. 1 ...