thank you for your time. I have a question about generating a formula similar to this question.
My question is, what would the formula look like if I wanted to contribute $10\%$ of my base salary of $\$90,000$ into an annuity that grows $2\%$ annually, but every year, my overall salary raises by $\$5000$
*** I'd like to know the compound interest formula for the following scenario:
P = Initial Amount i = yearly interest rate A = yearly contribution or deposit added. n = the deposits will be made for 10 consecutive years. F = final amount obtained.
I start with an initial amount and an yearly interest rate applied will be applied to it. Then, every year a contribution/deposit is made at the end of the period, that is, after the interest is applied to the previous amount. No withdrawals are made. ***
Compound Interest Formula adding annual contributions
Here is a link to the formulas.