title: Excel: Formula for compound interest for monthly deposits where deposits increase every year
body: <p>Simply put I want to know how to get the functionality on <a href="http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php" rel="nofollow">this page</a>: in Microsoft Excel.</p>
  
  <p>I tried with the FV functon but it does not seem to have support to increase the payments every year.</p>
  
  <p>The increase in payments could be specified in percentage points (as in the page linked to) or even by a fixed amount every year (like "increase deposit by 10000 every year).</p>
  
  <p>An illustration:<br/>
  <strong>Year 1</strong>:</p>
  
  <pre><code>Monthly Deposit: 5000
  No. of deposits in a year: 12
  Interest rate: 10%
  Interest compounded quarterly
  Total deposited during the year: **60000**
  Interest earned in first year: **3323**
  </code></pre>
  
  <p><strong>Year 2</strong>:</p>
  
  <pre><code>Amount carried forward from first year: **603323** (principal + Interest)
  Monthly Deposit: 5500 (increased by 10% or increased by a fixed value of 500 every year)
  No. of deposits in a year: 12
  Interest rate: 10%
  Interest compounded quarterly
  Total deposited during the year: 66000
  Interest earned during year: 13552 (large, because we started the year with seed value from previous year)
  </code></pre>
  
  <p>and so on...</p>
  
  <p>The FV function gives me correct value for year 1, but I could not find a way to extrapolate it to increase investment every year.</p>