Formula Used:

The future value of savings with monthly contributions is calculated using:

FV = P(1 + r/n)^(nt) + M × [(1 + r/n)^(nt) - 1] / (r/n)

• FV = Future Value
• P = Initial Deposit
• M = Monthly Contribution
• r = Annual Interest Rate (decimal form)
• n = Number of times interest is compounded per year (assumed 12 for monthly)
• t = Time in years