How do we include inflation in our compound interest calculations?
E.g. if we have current principal of
1000$ and the interest rate is 3% after 10 years we have
1344$ (used this calculator)
But if for this exercise we wanted to take inflation into account let's say 2% how would that be part of our formula?
I know that the number including the inflation is
I don't know exactly how to do the calculations to get the
1102$. Getting the
1334$ is straightforward but I am confused on how to include inflation to get the