Growth of Business Formula
Hey everyone, I'm running a business and unfortunately I'm not very good at math. I need help with an equation. So here is the scenario.
My business starts with $135,000 this month. We're growing at a rate of 20% each month. What formula can I use to find out how much TOTAL money my business makes after 12 months. I'm NOT looking for the formula that gives me how much I'll make AT the 12th month. I'm looking for the TOTAL.
1st Month = $135,000 2nd Month = $135,000 + $27000 (that's 20% of 135k) 3rd Month = $162,000 + $32,400 (20% of prev month) 4th Month = $194,400 + $38,880 etc
I want to know how much TOTAL my business makes after 12 months. Not the amount I'll make AT the 12th months. Can someone please help?