I Plan To Deposit $ 1265 Every Month In An Account Giving 5% Interest P.a. How Can I Calculate The Cumulative Interest At The End Of 2, 3, 4, And 5 Years?

Principal Capital = 1265
Future Capital = ?
interest rate (i)= 5%
Total number of years = 5

Future Capital = Principal Capital (1+i)^n
At the end of 2nd year its

= 1265 (1 + 0.05)^2
= 1394.66

At the end of 3rd year its
= 1265 (1 + 0.05)^3
= 1464.395

At the end of 4th year its
= 1265 (1 + 0.05)^4
= 1537.62

At the end of 5th year its
= 1265 (1 + 0.05)^5
= 1265(1.05)^5
=1614.496

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The formula given by Jannifer is for compound interest on a "fixed" amount of capital, i.e., $1265.  However, in my query, the capital is not a fixed amount - it increases by $ 1265 each month. Therefore, I do not think the answer provided is correct.

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