I want to simplify the below sum for the total cost over a yearly payment including compound interest over n years.
An example: we have 150 euros that need to be paid every year and an interest of 2%. The total cost over 10 years of this is the following sum (in euros):
$150+150*1.02^1+150*1.02^2+150*1.02^3+150*1.02^4+150*1.02^5+150*1.02^6+150*1.02^7+150*1.02^8+150*1.02^9 = 1642.45$
I don't see how I can simplify this sum (and then make a formula) for this. Is there a way to do so?