If you put $300 per month in an account that gets 3.9% interest, how much will...
If you put $300 per month in an account that gets 3.9% interest,
how much will be in there by the time you retire in 30 years if
your initial deposit is $1000?
Use and show excel and formulas please, thank you
Homework Answers
| Value of deposit in 30 years | =fv(rate,nper,pmt,pv) | |||
| =$207,759.20 | ||||
| Where, | ||||
| rate | = | 3.9%/12 | = | 0.00325 |
| nper | = | 30*12 | = | 360 |
| pmt | = | -$300 | ||
| pv | = | -$1,000 |
The above formula used to find future value of money.
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