investment income

Question

How much will you have saved after 6 years by contributing $1,200 at the end of each year if you expect to earn 11% on the investment?

Please give me the formula and/or show steps so that I can work other problems independently. Thanks!

Answer 1

End of year 1 1200

end of year 2 1200 deposit + 1200(1+11%) on first deposit0

end of year 3 1200 deposit + (1200 + 1200(1+11%)(1+ 11%) return on what you had at end of year 2

you can follow the flow from here.