I have been doing a calculus that takes many cells in excel and I'm looking to use a formula instead.
What I have so far is, I take the amount I spend (let's say on gas) a year.
So for the first year I have 2500.
Then the second year I add 5% price hikes I get 2625.
So the cumulative for the 2 year is 5125 (2500+2625)
Same thing for the 3rd year = 2756,25 /cumulative 7881,25...
And so on up until 10 where I get 3878,32$ /cumulative 31444,73$
It takes 10 cells to add all this
I know that the formula for inflation on a fix amount is : Future Value = PV * (1 + i)^n
PV = Present value but that doesn't count all amount spent on the 2nd year up to the 10th year...
What would be the formula for that?