Soldato
- Joined
- 31 May 2009
- Posts
- 21,505
Hi,
Can someone quickly give me a little help with an equation
Basically I want to compound a number with an interest rate say (x+1.5%) over a number of years y, while adding an additional amount each year, a constant amount z, which is also the starting amount.
Example
£1500 in an account, rising at 3% a year (x=1.5%) with an additional £1500 added each year.
so after a year you'd have your 1500 with 3% added, 45, and the 1500 added, £3045 (y=1)
after a second year 3045 gets to 3136.35 with interest, and 4636.35 with the additional funds (y=2)
I am too damn slow on a Sunday morning and too old to work out the equation, if someone could help me out.
Can someone quickly give me a little help with an equation
Basically I want to compound a number with an interest rate say (x+1.5%) over a number of years y, while adding an additional amount each year, a constant amount z, which is also the starting amount.
Example
£1500 in an account, rising at 3% a year (x=1.5%) with an additional £1500 added each year.
so after a year you'd have your 1500 with 3% added, 45, and the 1500 added, £3045 (y=1)
after a second year 3045 gets to 3136.35 with interest, and 4636.35 with the additional funds (y=2)
I am too damn slow on a Sunday morning and too old to work out the equation, if someone could help me out.