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Despite being able to calculate the answer to a problem on a spreadsheet, I cant get my head round how to express it as a simple formula, so all help greatly appreciated 🙂
Say I want an income that increases at 5% compound a year for x years e.g. £10k in year 1, £10500 in year 2, £11,025 in year 3 etc
How do I express the total income payable over x years?
10000 * (1.05)^X
10000 * (1-(1.05)^x)/-0.05
Brilliant Ho hum, cheers!!
Edit:Ah, HoHums is doing the totalling as well
X+5%/yr=luckybugger
Ha ha!
My first job when I left university was as a trainee actuary with Norwich Union (I never qualified, but I passed 4 out of 9 of the exams)
It was a good while ago, but a quick search on google led me to the answer!
Which was equation 2.45 on page 21 of this document:
https://www.worldscientific.com/doi/pdf/10.1142/9789813224681_0002
Oh my god, I am a geek!