FORMULA:
If you mean the annual deposit increases by a fixed percentage: yes.
Here’s what $800 increasing by 10%, for 4 years, 12% interest, looks like:
Code:
Y DEPOSIT INTEREST BALANCE 0 .00 1 800.00 .00 800.00 2 880.00 96.00 1776.00 3 968.00 213.12 2957.12 4 1064.80 354.85 4376.77
FORMULA: F = D[(1+i)^n – (1+j)^n] / (i – j)
D = first deposit amount
n = number of years
i = interest rate
j = deposit increase rate
800(1.12^4 – 1.10^n) / (.12 – .10) = ~4376.77