formula to calculate sum of payment increased by 3% annually

[JSC]

example: I'm paying $1000 a month today. The amount increases by 3% each
year. I pay for 5 years. How much am i paying in total? is there a formula
to calculate this?

 

[Shane Devenshire]

Hi,

=SUM(B8*12*1.03^{0,1,2,3,4})

where B8 contains the initial payment size.

 

[Shane Devenshire]

Hi,

A slightly more flexible version of my last suggestion:

=SUM(B8*12*1.03^(ROW(1:5)-1))

 

[Fred Smith]

This is a basic compound interest problem:

=FV(3%,5,1000*12)

Regards
Fred