Compound interest + New capital each year
Hi, I'm not sure it this formula needs calculus, but I think so. So here is the problem.
You want to invest some money. Let's say the first year you invest 1000$, and you will always reinvest the money you gained, plus every year you will add a new 1000$. You make an interest of 10% each year.
Here is what I have been able to do up to now
x' = ( x + 1000 ) * 1.1 ex : after the first ( 0 + 1000 ) * 1.1 = 1100
x'' = ( x' + 1000 ) * 1.1 second year ( 1100 + 1000 ) * 1.1 = 2310
x ''' = ( x'' + 1000) * 1.1 and so on and so on.
How can I put it in one formula that I can compute and only have to enter the number of year I invested it ?
Thx in advance