I'm working on a trying to set up a formula for services where the cost increases 6% every 3 years over the next 15 years. The standard FV function doesn't seem to be the right formula because its based on annual compounding.

Anyone have a good formula for what I'm trying to achieve? See my data below:

Year 1 $100,000.00
Year 2 100,000.00
Year 3 100,000.00
Year 4 106,000.00 6% increase over prior year
Year 5 106,000.00
Year 6 106,000.00
Year 7 112,360.00 6% increase over prior year
Year 8 112,360.00
Year 9 112,360.00
Year 10 119,101.60 6% increase over prior year
Year 11 119,101.60
Year 12 119,101.60
Year 13 126,247.70 6% increase over prior year
Year 14 126,247.70
Year 15 126,247.70
TOTAL $1,691,127.89



Thanks...AJ