Using Excel
initial monthly contribution | 330 |
Number of yrs | 15 |
Subsequent monthly contribution | 530 |
Number of yrs | 25 |
Interest rate | 8% |
Value at end of first set | 1,14,192.61 |
Value at end of second set | 13,42,237.86 |
Value in account after three yrs = 330 * (F/A, 8% / 12,3*12)
= 330 * (F/A, 0.6667%,36)
= 330 * ((1 + 0.006667)^36-1)/0.006667
= 330 * ((1.006667)^36-1)/0.006667
= 13376.81
Pls comment if you think final solution is wrong or you require further explanation
Showing formula in excel
initial monthly contribution | 330 |
Number of yrs | 15 |
Subsequent monthly contribution | 530 |
Number of yrs | 25 |
Interest rate | 0.08 |
Value at end of first set | =FV(G128/12,G125*12,-G124) |
Value at end of second set | =FV(G128/12,G127*12,-G126,-G130) |
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