4. pt. 1. If a company begins making six annual deposits of $2,000 into an account...
4. pt. 1. If a company begins making six annual deposits of $2,000 into an account earning 8% starting one year from today, what will be the balance in the account when the last deposit is made at the end of the sixth year?
pt 2. If a company begins making six annual deposits of $2,000 into an account earning 8% on June 30 of every year starting on June 30, 2017, what will be the balance in the account after the last deposit is made on June 30, 2022?
please shoe work
Homework Answers
|
1- |
future value |
Using future value function in MS excel |
FV(rate,nper,pmt,pv,type) rate = 8% nper = 6 pmt =2000 pv =0 type =0 |
FV(8%,6,-2000,0,0) |
$14,671.86 |
|
2- |
future value |
Using future value function in MS excel |
FV(rate,nper,pmt,pv,type) rate = 8% nper = 6 pmt =2000 pv =0 type = 1 |
FV(8%,6,-2000,0,1) |
$15,845.61 |
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