Question

Today, April 1st 2020, I put $1000 into the bank. Every month thereafter I
added the same amount, plus $20 more than the month before (i.e. $1020, $1040,
$1060, etc.) If the sign on the door of my bank says they pay 6% nominal yearly
interest, how much will I be able to take out of the bank on January 1st, 2023. Draw a
cash-flow diagram.

Answer 1

Month	Investment	Intrest	Total Amount
20-Apr	1000		1000
20-May	1020		1020
20-Jun	1040		1040
20-Jul	1060		1060
20-Aug	1080		1080
20-Sep	1100		1100
20-Oct	1120		1120
20-Nov	1140		1140
20-Dec	1160	437.4	1597.4
21-Jan	1180		1180
21-Feb	1200		1200
21-Mar	1220		1220
21-Apr	1240		1240
21-May	1260		1260
21-Jun	1280		1280
21-Jul	1300		1300
21-Aug	1320		1320
21-Sep	1340		1340
21-Oct	1360		1360
21-Nov	1380		1380
21-Dec	1400	955.044	2355.044
22-Jan	1420		1420
22-Feb	1440		1440
22-Mar	1460		1460
22-Apr	1480		1480
22-May	1500		1500
22-Jun	1520		1520
22-Jul	1540		1540
22-Aug	1560		1560
22-Sep	1580		1580
22-Oct	1600		1600
22-Nov	1620		1620
22-Dec	1640	1042.644	2682.644
23-Jan
Total	45995.088