Project how compound interest grows with compounding in New York.
A monthly-frequency compounding projection in New York: contributions grow at the assumed annual return. Longer horizons and higher rates multiply the effect dramatically.
FV
FV = contributions compounded monthly at r
Projection only.
No — investment returns vary. Use a conservative rate for planning.
Rates are approximate reference values. Local rates, exemptions and rules can differ, so treat the output as a planning figure only.