Inflation increases each year- grant proposal budget

[lcg03c]

Good Morning!

I have an excel spreadsheet that I use to create Grant Proposal Budgets. I did not create it but use it often. However, I have noticed it does not have the correct formula for people I would like to add a 3% inflation to their salary & benefits each year. Also, the spreadsheet was made for only 5 years but I need to extend it to 8. I am not sure how to update the equations and since they don't seem to be correct in the first place, it would be futile.
Can anyone help? It would be greatly appreciated as I am losing my mind trying to figure this out alone.

I have tried to attached the spreadsheet I use with examples. One with a salary cap and No inflation and one person without a salary cap and in need of a 3% inflation. I did the 3% calculations off to the right so I know what the numbers should be. I have tried several equations to no avail.

[dflak]

The formula for future value is Base & (1 + rate)^n where Base is the start, rate is the rate per period and n is the period, so for year 3 the formula would be =$J9*(1+$I9)^2. Year 1 is period 0, Year 2 is period 1, etc.

[lcg03c]

Hi dflak,

but now my equation to include the salary cap is gone. I need an equation that does both as a person may reach the salary cap in the 5th year.