Forum Discussion
Calculate 3% salary raise over left retirement years
i would like to calculate how much will cost the company the sum of 3% raise of the basic salary over the left years to retirement. For example suppose in 2021 i get $500 as basic salary, and in ...
Let's say the starting salary 500 is in A2, the yearly raise 3% is in B2 and the number of years 5 (2021-2025) is in C2.
The total amount is =A2*((1+B2)^C2-1)/B2
See Geometric series