CODEWITHSUNDEEP
excel
storm_buster
storm_buster

Reputation: 7568

Formula to calculate salary after x year?

Knowing that i am getting paid $10 000 a year, and that each year my salary increase by 5%. What is the formula for Excel to know how much i will get in 5 year? Thank you for any advise

Upvotes: 5

Views: 44992

Answers (4)

ArBR
ArBR

Reputation: 4082

The formula in Excel is:

=VF(5%;5;0;-10000)

Which results in: $12,762.82

If your Office is english version you can use:

=FV(5%;5;0;-10000)

Upvotes: 7

Leo Yao
Leo Yao

Reputation: 151

The Formula is POWER(B1,C1)*10000, and the cell B1 is (1+5% ), the cell C1 is the number of years

Upvotes: 1

NoAlias
NoAlias

Reputation: 9193

=(10000*((1 + 0.05)^5))

The Compound Interest Equation
P = C (1 + r/n)^nt
Where...
P = Future Value
C = Initial Deposit/Salary
r = Interest Rate/Pay Increase (Expressed as a Fraction: EX = 0.05)
n = Number of Times per Year the Interest/Pay Raise Is Compounded (0 in Your Example)
t = Number of Years to Calculate

Upvotes: 6

Preet Sangha
Preet Sangha

Reputation: 65476

current = 10 000
for each year -1
 current = current * 1.05
end for

current now has current salary for the given number of years

Upvotes: 0

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