please provide formula answer is provided What is the future value of $1,650 invested at 24.75%,...

Question

Question

please provide formula answer is provided

What is the future value of $1,650 invested at 24.75%, over 2.5 years, compounded monthly? answer is $3044.18

2. What is the annual payment required to save $2,000,000, over 40 years, compounded monthly at 6%? answer is 12923.071841351

Answer 1

Answer #1

If you are doing it in excel then the formulae for both the questions are as follows:

1.You have to use the Future value(FV) function for this which is =FV(2.0625%,30,,1650) =$3,044.18

2.For the monthly payment you have to use the PMT function which will be =PMT(6%,40,,2000000) =$12,923.07.

Answer 2

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​​​​​​please provide formula answer is provided What is the future value of $1,650 invested at 24.75%,...