# Formula for Compound Interest

pdunn
Hello, I wanted to know is there a formula for compound interest when making additional payments. i.e. I make payments of $500 ever year for 5 years and NOT just$2500 once for the 5 year term.

The current way I am calculating the result is using Compound Interest of initial payment for one year, then use that value as the new payment plus \$500 for one year. I continue until 5 years have been reached. Is there a simplier and probably correct way to do this?

Thank you,
P