I have been trying to find a formula online to calculate the total cost of an annual expense that increases by a set % every year. I have had no luck after looking around for a few hours..

Example: I have an annual expense of $1000 that increases by 5% per annum. What formula can be used to calculate how much I have spent in total over 31 years without working out the amount for each individual year and adding them up.

I'm sure this is really quite simple but I have been unable to work it out for myself and cant find the formula online. Its driving me crazy!!!

Cheers!!