Identify the present value
Determine the interest rate per period
Determine the number of periods
Use the future value formula: FV = PV × (1 + r)^n
Substitute the present value, rate, and periods into the formula
Calculate the result
For multiple compounding periods per year, use the adjusted formula: FV = PV × (1 + r/m)^(m×n)
For continuous compounding, use the formula: FV = PV × e^(rt)
Check that the rate and time periods use the same units
Interpret the result as the amount the investment will grow to in the future