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Future Value with Interest the compounds every 3 years
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 |
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