Untested, but try the following as an array formula:

=SUM(INITIAL*(1+INCREMENT)^(ROW(INDIRECT("1:"&TERM ))-1)*(1+APR)^(TERM-ROW(IN
DIRECT("1:"&TERM))))

INITIAL is the name of the cell containing the initial investment (ie $1000
in your example)
INCREMENT is the name of the cell containing the amount by which the
instalment increases annnually (ie 3% in your example)
TERM is the number of years (10 in your example)
APR is the annual growth rate (8% in your example)

To enter the formula as an array formula hold down the Control+Shift keys
when entering it.
In the formula bar the formula should be displayed surrounded by {curley
brackets} to show that it is treated as an array formula, thus:

{=SUM(INITIAL*(1+INCREMENT)^(ROW(INDIRECT("1:"&TER M))-1)*(1+APR)^(TERM-ROW(I
NDIRECT("1:"&TERM))))}

(But you do not enter the curley brackets)

I strongly recommend that you test that this produces the desired result
using test data.

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"Joe B." wrote in message
...
Does anyone have a formula that will figure the Future Value of an
investment
where the payments are steadily increasing each period?

For Example:
An investment offers an 8% annual yield over a 10 year period. I would
like
to pay $1000 the first year and then increase my payment by 3% each year
to
year 10. I know I can do it with a For loop, but is there a simple
formula
to use for this?
Any help is greatly appreciated.