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Dear Sir
If i have a set amount of cash, say $1000 and keep it in the bank at 10% interest for 10 years my formula is 1000 x 1.1 to the power of 10 = 2594
What is the quick formula if I am getting y1 – 1000, y2 1000 x 1.1 y3 – 1100 x 1.1, in other word (1000 x 1.1) + (1100 x 1.1) + (1210 x 1.1)………..etc
You would work out the PV by multiplying the 1,000 by the 10 year annuity factor at 10%.
Then you would work out the final value in 10 years time by taking the PV and multiplying by 1.1 to the power of 10.
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