Interest problem

Question

I know the long way would be to add up everything from every year but is there a quicker way to solve this problem? The problem is:

If each year you deposit $\$5000$ in an account that earns $8\%$ each year, compounded annually, how much will you have after $30$ years?

Answer 1

$$5000\times(1.08)^{30}+5000\times(1.08)^{29}+...+5000\times(1.08) = 5000\frac{1.08(1.08^{30}-1)}{1.08-1}$$

Sum of a Geometric progression.

Answer is $611729.34$

Answer 2

It gets multiplied by $1.08$ each year.