Average rate of return for long term equity investments?

Any investment 'PV', invested at 'r1' rate, will be worth PV*(1+r1)' at the end of the year. e.g. $1,000 at 10% will be worth $1,000(1+0.1) = $1,000*1.1 = $1,100. If the return realized in the second year is r2 (e.g. 15%), the investment will be worth (it's value after year one)*(1+r2) at the end of the second year. E.g. $1,100*1.15 = $1,265. For however many years, PV*(1+r1)(1+r2)(1+r3)...... = The future value (FV) of the investment.