What is the future value of an investment which compounds annually at 5% and starts at $1100 in the first year and grows by 5% per year (starting in the second year) for 20 years?
Year | Cashflows | FVF at 5% | Future value | |
1 | 1100 | 2.52695 | 2779.645 | |
2 | 1155 | 2.406619 | 2779.645 | |
3 | 1212.75 | 2.292018 | 2779.645 | |
4 | 1273.388 | 2.182875 | 2779.645 | |
5 | 1337.057 | 2.078928 | 2779.645 | |
6 | 1403.91 | 1.979932 | 2779.645 | |
7 | 1474.105 | 1.885649 | 2779.645 | |
8 | 1547.81 | 1.795856 | 2779.645 | |
9 | 1625.201 | 1.710339 | 2779.645 | |
10 | 1706.461 | 1.628895 | 2779.645 | |
11 | 1791.784 | 1.551328 | 2779.645 | |
12 | 1881.373 | 1.477455 | 2779.645 | |
13 | 1975.442 | 1.4071 | 2779.645 | |
14 | 2074.214 | 1.340096 | 2779.645 | |
15 | 2177.925 | 1.276282 | 2779.645 | |
16 | 2286.821 | 1.215506 | 2779.645 | |
17 | 2401.162 | 1.157625 | 2779.645 | |
18 | 2521.22 | 1.1025 | 2779.645 | |
19 | 2647.281 | 1.05 | 2779.645 | |
20 | 2779.645 | 1 | 2779.645 | |
Future values | 55592.9 | |||
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