I need help with a math problem

[Tyjet66]

You guys have been quite helpful in the past so I have an issue.

I need to come up with an equation which will allow me to calculate with the savings in an account, which the person continually adds the same percentage of their income into each year. I need it to allow for variables for the income of the person, the percentage of the income they are saving, and the years they continue doing this. The only variable that wont change is the interest of the account (8%).

This is what I have:
s=(x*p*1.08)^y
p=percent saved x=income s=savings y=years

I'm trying to write a program for this. Thanks for the help!

 

[dantheman]

A formula for calculating annual compound interest is

A=P[1+(r/n)]^(nt)

Where,
A = final amount
P = principal amount (initial investment)
r = annual nominal interest rate (as a decimal, not in percentage)
n = number of times the interest is compounded per year
t = number of years

 

[Tyjet66]

Awesome, thank you very much!