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.(adsbygoogle = window.adsbygoogle || []).push({});

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

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# Formula for Compound Interest

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