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on a compound interest problem

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I say this problem's formula is incorrect, but I'd appreciate an expert
confirmation.

Problem.  Consider an amount q invested for n years at an interest rate j.  
The total amount after n years is given by the formula

  gf = q * ((1 + j/100) + (1 + j/100)^2 + ... + (1 + j/100)^n).

[...]

I think that's not correct.  The initial amount is q.  After 1 year, the
amount is

  q (1 + 1/100).  

After 2 years, the amount is

  q (1 + 1/100)^2

Why are they adding in their formula?  That formula seems like a very
good investment.  In fact, too good to be true.

Thank you!

(*) Note to self

After 2 years at 10% with q = 100. (* 100 (+ 1.10 (expt 1.10 2))) = 231.
(It should be 121.)

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on a compound interest problem Daniel Bastos <dbastos@toledo.com> - 2017-03-19 10:30 -0300
  Re: on a compound interest problem Barry Schwarz <schwarzb@dqel.com> - 2017-03-19 13:11 -0700
    Re: on a compound interest problem Daniel Bastos <dbastos@toledo.com> - 2017-03-19 20:15 -0300
      Re: on a compound interest problem Alla <vitale.alla@gmail.com> - 2017-06-06 10:30 +0300
        Re: on a compound interest problem Alla <vitale.alla@gmail.com> - 2017-06-06 10:34 +0300
          Re: on a compound interest problem Daniel Bastos <dbastos@toledo.com> - 2017-08-10 13:03 -0300

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