Hi all, was wondering if someone could help me in solving this formula:
I want to add a certain percentage of interest to a capital amount for a certain number of months. I don't know how to calculate the formula. remember the capital amount will be growing every month.
Example: Capital = 1000 Interest = 5% Months = 3
1000 + 5% = 1050
1050 + 5% = 1102.50
1102.50 + 5% = 1157.62
What would the formula for this be if Capital was X, Interest was Y and Months where Z?
Please guys I really want to use this formula in a Excel spreadsheet
All Help appreciated!