Admittedly, I just finished physics and calculas but some of my more basic math skills escape me.
I'm looking for a formula that will give me a total compounded value after x number of weeks. So for example lets say I start off with an initial value of $1,000.00. And every week I make 10% of that value. The 10% would be added onto the initial value and the next week I would make 10% of that total value.
Week 1: 1,000.00 * .1 = 100.00 1,000.00 + 100.00 = 1,100
week 2: 1,100.00 * .1 = 110.00 1,100.00 + 110.00 etc..
Is there a particular formula for this type of compounded exponential growth, and if so, what is the name of it?