If you deposit $1,067 per month into a savings account that pays an annual rate of 4.7 percent, compounded monthly, how much will you have in the account after 31 years? Show using Excel Functions.
Nper |
Rate |
PV |
FV |
PMT |
If you deposit $1,067 per month into a savings account that pays an annual rate of...
1. If we place $7,654 in a savings account paying 7.5 percent interest compounded annually, how much will our account accrue to in 8.5 years? PLEASE SHOW ME EXACTLY HOW TO DO THE PROBLEM!!!! I INSERTED A PICTURE FOR AN EXAMPLE! Future Value after 9 years is calculated using EXCEL FUNCTION FV(rate, nper,pmt, pv,type) where rate-1.5%; nper-9; pmt-o; pe-3520000; type=0; Here, value for pv is negative as it denotes cash inflows; type as interest is compounded at the end of...
Cindy and Mike managed to save $522,000 in their retirement account, which earns 4.1 percent annual interest. They plan to live on this money and will begin withdrawing $6,000 per month out of the account until the money in the account is gone. How long, in months, will their money last? (Show your answer to two decimals, e.g., 12.34; fractional months are okay) Please show using Excel functions. Nper Rate PV FV PMT Nper Rate PV FV PMT
The good news - saving $10 per month We continue with the same example: you deposit $10 per month into a savings account with an annual interest rate of 30%, compounded monthly. Use your formula f(r) to answer the following questions. (a) Determine the amount in the account after 1 year. How much is interest? (b) Determine the amount in the account after 10 years. How much is interest? (c) Determine the amount in the account after 45 years. How...
Show the excel formulas used Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years and you can earn...
1)You plan to deposit $100 in a savings account at the end of each month for the next 10 years. How much will you have in 10 years, assuming a 2% annual interest rate. 2)You wish to purchase a car that costs $22,000 today. You will put $2,000 down and borrow the remaining $20,000. The interest will be 2.00% and you will make monthly payments (end of month) over 5 years. What will your monthly payment be? I need help...
Suppose you have $2,350 and plan to purchase a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures? Nper Rate PV FV PMT
You wish to buy a car for $12,000 at a 5% annual interest rate, compounded monthly. The loan will be repaid in 5 years with monthly payments. What is your monthly payment (calculated with the equations on the next page)? Compare your answer to that obtained with the built in function, PMT. Be sure to label all cells appropriately. (There is no need to create a monthly payment table, simply use the equations on the next page.) Loans: where: and,...
You deposit $3,000 at the end of the year (k = 0) into an account that pays interest at a rate of 7% compounded annually. A year after your deposit, the savings account interest rate changes to 1 2% nominal interest compounded month y Five years after ur de o the savings account aga changes it interest rate this time e interest rate becomes 8% nominal interest compounded quarterly. Eight years after your deposit, the saving account changes its rate...
Bill has decided to begin investing for retirement. He is going to put his tax raturn of $7,328 into the account today and then set up monthly contributions from his paycheck in the amount of $385. The money will go into an account that earns 7.7 percent annual interest (compounded monthly). How much will he have in the account after 20 years? Show using excell cell functions Nper Rate PV FV PMT
Determine how much $1,000 deposited in a savings account paying 8% (compounded annually) will be worth after 5 years.Excel hint: FV(rate, nper, pmt = 0, pv, fv, type) = ??answer 1.469