Homework Answers
The detailed cashflow is shown below. Explanation and excel formula view is after this table
Formula View-
Explanation- It is given that the interest rate is 7, so today's total deposit would be 1.07 times higher the next year. So next year's deposit would be today's deposit*1.07+next year's added deposit. This is what the formula is doing. For example, in year 2, the total deposit is 14000 (which gets added in year 2) and 1.07 times 15000 (which was added in year one). The same is being done for year 3 and so on.
As we can see, the total amount right after depositing 11000 is 75536.
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can you please solve it by axcel thank you for your help
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