What is the formula for solving compound interest with monthly deposits included

Question

Im trying to find out how to calculate compound interest with monthly contributions. For example, Jimmy deposits $1000 into and account that accumulates 5% interest annualy. Jimmy also makes a monthly deposit of $100. How much would Jimmy make in 10 years?

Answer 1

Use a financial calculator

PV = -1000

N= 120 (10 year times 12)

I/Y = 0.4167% monthly

PMT = 100

FV = ?

Answer $13,882