Annual Escalator's and Total Contract Value
 

I am trying to find a way to find my total contract value on a deal that has a 3% escalator on the anniversary of the contract every year.

Monthly Value: 5,000
Escalator: 3%
Contract Term: 48 months
Escalator: every 12 months

I can use the following formula to give me the ending value of the contract but i am looking for something to give me the total contact value

=(MonthlyValue*(1+Escalator)^((Term)/12))