Compound Interest Formula with interest growing each year.

[eugchen]

is there a formula that can help me with this function? i want to figure out a future value based on a % gain each year with increasing growth percentage each year.

for instance, lets say you start with $10. you are paid 5% on the money. each year, that 5% grows by 10%. so

year 1 = start with $10, 5% interest, paid $0.50, total $10.50
year 2 = start with $10.50, 5.5% interest, paid $0.58, total $11.08
year 3 = start with $11.08, 6.05% interest, paid $0.67, total $11.75

and so forth. id like this to continue for 20 years.

any formula that can accomplish this?

Just to be clear, i want a formula that would spit out the answer of $11.75 if i was calculating for 3 year period.

thank you