Question

In an effort to save money for early retirement, an environmental engineering colleague plans to deposit $1,100 per month, starting one month from now, into a fixed rate account that pays 8% per year compounded quarterly. How much will be in the account at the end of 17 years? At the end of 17 years, the account will be$

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Home nert Page Layout Formulas Data Review View dd-Ins Cut Σ AutoSum ー E ゴWrap Text aCopy ▲· 逻锂函Merge & Center. $, % , 弼, Paste B I 프 . 灬 Conditional Format CeInsert Delete Format Formatting, as Table w styles. ▼ ㆆ ▼ Sort &Find & 2 ClearFe Select Edting Format Painter Clipboard Font Alignment Number Cells LS141 LM LN LO LP LQ LR LS LT LU LV LW LX LY 128 129 130 131 132 133 134 135 FORMULA FVAA/(r/m)((1+r/m)Amn -1) 136 137 138 139 EXCEL PMT 140 141 142 143 144 ANSWER 487001.39 145 146 11 1 トーCALCULATOR ( LOAN OPTIONS | pv, fv, annuity i CAP STRU VALUE FIRST WE HAVE TO CALCULATE EFFECTIVE ANNUAL RATE EAR(1+r/m)Am-1 EAR1+0.08/4)A4-1 8.243216% NOW WE HAVE TO CALCULATE FUTURE VALUE OF ANNUITY FVA1100/(0.08243216/12)*((10.08243216/12) 12*17)-1) FVA= 487001.39 1100 17 8.243216% 487001.39 YEARS RATE BOX ! DILUTION DOLLAR COST AVG MORTGAGE.. EXPO ( Sheet1 . Sheet2. Shell- rences: x261 04:04 27-01-2019

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