If you start making $85 monthly contributions today and continue them for four years, what is their future value if the...
If you start making $85 monthly contributions today and continue them for four years, what is their future value if the compounding rate is 12.25 percent APR? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Future value annuity: ?
What is the present value of this annuity? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Present value annuity: ?
Homework Answers
Future value is calculated using the FV function:-
=FV(12.25%/12,4*12,-85,,1)
=5284.68
Present value:
=PV(12.25%/12,4*12,-85,,1)
=3245.59
By the wording of the question, it seems that the question is of an annuity due, if the answer is wrong, just copy the formula in excel and remove 1
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