Forum Discussion
MeriHall
Jan 08, 2020Copper Contributor
Formula To Calculate Total Paid with Escalation
Need some Excel assistance. I have done some google searching and no luck finding an answer.
I am looking for a formula that will tell me how much I have paid over a period of time assuming there is a periodic escalation.
For example - I have to make a payment per year and each year the annual payment is escalated by 3%.
Year 1 = $1,000.00
Year 2 = $1,030.00
Year 3 = $1,060.90
Thus, after 3 years I have paid a total of $3,090.90.
Instead of having a cell for each year and then summing the total, hoping there is a formula that tells me what the total paid would be after X Years. I am fairly certain this was something I learned in high school match class, but I am drawing a blank...