Excel: Calculate effective value based on previous rows

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So, I want the effective value to as such. Whenever a new value is added, it is to be incremented by 20% until it reaches a maximum of 100%. For eg, until 5th day, the effective value was 3, same as the initial value. Since day 5 has a value 2, effective value henceforth will be incremented daily by 20%. In day 8, there's a new value 5 being added. So, the effective value will be 3 + 2 * 0.8 + 5 * 0.2 = 5.6 and so on.

Initial value = 3

Days Value Effective Value
1 3
2 3
3 3
4 3
5 2 3.4
6 3.8
7 4.2
8 5 5.6
9 7
10 8
11 9
12 10
13 10
14 10

I tried using rows formula but I can't find a logic that works.

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