In excel using the formulas, do the next questions: 1. If you save 10,000 at the...
In excel using the formulas, do the next questions:
1. If you save 10,000 at the end of every year for 8 years at 8%
interest - how much will you have at the end of that period?
2. If you start with 10,000 and save 3,000 every year for 10 years
at 7.5% interest - how much will you have at the end of that
period?
3. You deposit 8,000 and receive 8% annual interest (compounded
semi annually) for 5 years. What is the total at the end of that
period?
4. How much do you need to save annually at 7% to get to 200,000
after 20 years?
5. What is the required interest rate if you save 3,000 annually
for 15 years to get to 150,000?
Homework Answers
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In excel using the formulas, do the next questions:
1. If you save 10,000 at the...
Can the work be shown in excel using formulas? You deposit $10,000 in an account that...
Can the work be shown in excel using formulas? You deposit $10,000 in an account that earns 5.5% compounded continuously and your friend deposits $10,000 in an account that earns 5.5% annually. a. How much more will you have in the account in 10 years? b. How much more interest did you earn in the 10 years?
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8.3-8.6. Using the Finance Formulas potage 2 of 21 15. Suppose you invest $5,000 in a savings account that pays an annual interest rate of 4%. If the interest is compounded monthly, what is the balance in the account after 10 years? 16. You invest $5000 at 2.2% annual interest compounded quarterly. How much do you have after 5 years? 17. Against expert advice, you begin your retirement savings at age 40. You plan on retiring at age 65. How...
1. You would like to save $70 000 in 10 years. To accumulate this amount, you...
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1. You won $100 000 in a lottery and you want to set some of that...
1. You won $100 000 in a lottery and you want to set some of that sum aside for 10 years. After 10 years, you would like to receive $2400 at the end of every 3 months for 8 years. How much of your winnings must you set aside if interest is 5.5% compounded quarterly? 2. A sum of money is deposited at the end of every month for 10 years at 7.5% compounded monthly. After the last deposit, interest...
You are going to save money for your son’s education. You have decided to place $1,915...
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Show the excel formulas used and answer all questions Ex. 1 You have $5,000 in your...
Show the excel formulas used and answer all questions
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...
You are going to save money for your son's education. You have decided to place $2,667...
You are going to save money for your son's education. You have decided to place $2,667 every half year at the end of the period into a saving account earning 8.58 percent per year, compounded semi-annually for the next 3 years. How much money will be in the account at the end of that time period? Round the answer to two decimal places.
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Instructions: Using Financial Formulas in Excel, answer the following time value of money problems in a...
Instructions: Using Financial Formulas in Excel, answer the following time value of money problems in a single Excel worksheet. You can round to the nearest dollar. You must turn in your answers in an Excel document. 1. How much interest is earned in an account by the end of 5 years if $30,000 is deposited and interest is 4% per year, compounded semi-annually? 2. What is the balance in an account at the end of 10 years if $6,500 is...
8.3-8.6. Using the Finance Formulas potage 2 of 21 15. Suppose you invest $5,000 in a savings account that pays an annual interest rate of 4%. If the interest is compounded monthly, what is the balance in the account after 10 years? 16. You invest $5000 at 2.2% annual interest compounded quarterly. How much do you have after 5 years? 17. Against expert advice, you begin your retirement savings at age 40. You plan on retiring at age 65. How...
1. You would like to save $70 000 in 10 years. To accumulate this amount, you plan to make a regular deposit with an equal amount of cash into a saving account at the end of each year. This account will earn 6% p.a interest compounded annually. Your first payment will be made at the end of this year. a. How much must you deposit annually to accumulate this amount in 10 years? b. If you decide to make a...
1. You won $100 000 in a lottery and you want to set some of that sum aside for 10 years. After 10 years, you would like to receive $2400 at the end of every 3 months for 8 years. How much of your winnings must you set aside if interest is 5.5% compounded quarterly? 2. A sum of money is deposited at the end of every month for 10 years at 7.5% compounded monthly. After the last deposit, interest...
Show the excel formulas used and answer all questions
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...
You are going to save money for your son's education. You have decided to place $2,667 every half year at the end of the period into a saving account earning 8.58 percent per year, compounded semi-annually for the next 3 years. How much money will be in the account at the end of that time period? Round the answer to two decimal places.
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