I need a formula to calculate the value of an account in which I am repeatedly adding money, and interest is being annually compounded.
Here is the scenario:
I am adding $50/month, or $600/year, and interest is 3% compounded annually. How do I calculate it's worth in a number of years, if I am adding more money each year?
Here is the scenario:
I am adding $50/month, or $600/year, and interest is 3% compounded annually. How do I calculate it's worth in a number of years, if I am adding more money each year?