I'm trying to find the formula to calculate the final value of a non-interest-bearing account, given annual deposits which increase at x% compounded rate. Would appreciate any help.
Inputs:
- # of years
- initial account value
- initial annual deposit amount
- % annual compounded increase of annual deposit
E.g, initial account value is $1000, it's non-interest bearing so stays constant except for deposits.
Initial annual deposit is $100, which increases at a 5% compounded annual rate (next year's deposit would be $105, the following would be $105.25, etc).
This continues for, say, 90 years what's the account final value? Just looking for the formula.