I have the income
X, and the number of years in the future
Y, and the inflation
Z. I can calculate the compound interest simply by
CI(Y) = X*(1+Z)^Y for any given year, but how can I construct a formula that adds each years income together for a total sum?
X = 1000 Y = 3 Z = 5% CI(0) = $1000 CI(1) = $1050 CI(2) = $1102,5 CompoundInterestSum(3) = $3152,5
I could do this in code recursively, but I'd like to know the cleaner formula that I can use in Excel. Thanks!