PV of an Income Stream Growing at Rate X/Period
PV of an Income Stream Growing at Rate X/Period...or, What I Did When I Was Stuck on a Desert Island with no Rabbits to Chase
Seth Weiss

Create a second equation as shown by multiplying the first equation through by (1 + x)/(1 + i): Subtract the second equation from the first: Solve for PV and simplify the result: