I am familiar with the formula for calculating FV and compound interest of a deposit, but I am wondering if there is a formula that will allow me to calculate how much money I will have after depositing recurring amount of money every month, quarter or year, with a fixed annual interest rate and an optional initial deposit?
Initial/present value: 2500
Annual interest: 4%
Recurring deposit every month: 100
How much will the FV be after 5 years?