how much money will i save with this?

Question

I am thinking of doing this:
I want to open an account.
On the first day i deposit a shilling.
on the second day i deposit 2 shillings
on the third day i deposit 3 shillings.
i continue with this trend for two years( 730 days)
each new day i will be depositing one shiiling more than what i deposited yesterday untill the last day of the two years when i will deposit the last instalment of 730 shillings.
At the end of the two years(730 days) how much money will i have in my account?

Answer 1

Assuming no interest?

Here we go:

it's an Arithmetic Series, where a=1, d=1, n=730

The formula for this is: n/2[2a + (n-1)d] = 365(2 + 729) = 365 x 731=266815 shillings.

Answer 2

This is quite a brilliant idea, but you should request the bank to pay you some interest, instead of the deposit for nothing. Anyway, your requested solution goes like this:
Total amount deposited S = 1 + 2 + 3 + 4 +... 729 + 730
To compute the total, add 1st and last amount together and find the mean = (1 + 730)/2
Multiply this by number of days = 730
Therefore S = (1 + 730)/2 * 730 = 731 * 365 = 266,815 Sh

Answer 3

1 + 2 + 3 + .. . + n = n(n+1) / 2


so ans = 730 * 731 /2

= 266815

Answer 4

266815 shillings

Answer 5

266815 shillings