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## Future Value Of Growing Annuity

The formula for the future value of a growing annuity is used to calculate the future amount of a series of cash flows, or payments, that grow at a proportionate rate. A growing annuity may sometimes be referred to as an increasing annuity

## $\frac{p\left[1+r{\right]}^{n}-\left[1+g{\right]}^{n}}{r-g}$

Here,p=first payment.r=rate per period,g=growth rate,n=number of periods.

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