You have decided to place $416 in equal deposits every month at the beginning of the...

Question

Question

Answer 1

Answer #1

Money at the end of time period is calculated using the FV function:-

=FV(rate,nper,pmt,pv,0 or 1)

=FV(3.04%/12,11*12,-416,,1)

=65276.26

Where,

rate is periodic rate

nper is number of periods

pmt is periodic payment

1 is used when the payments are at the beginning of a period

Answer 2

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