Matthew's pay increases by 20% each month. If his first pay is $450, determine the amount of his pay

Matthew's pay increases by 20% each month. If his first pay is $450, determine the amount of his pay in month 5.

Let me be the number of months. We have a pay functionalists P(m) as:
P(m) = Initial Pay * (1 + Increase %/100)^m

With m = 5, initial pay = 450, and Increase % = 20, we have
P(5) = 450 * (1.2)^5
P(5) = 450 * 2.48832
P(5) = 1,119.74