Your grandmother has invested $3000 in a mutual fund each year on your birthday (she made...
Your grandmother has invested $3000 in a mutual fund each year on your birthday (she made her first payment when you turned 1 year old). The mutual fund has grown at an annual interest rate of 6.8%. How much is your account worth on the day of your 21st birthday immediately after your grandmother’s deposit?
Homework Answers
The amount is calculated using the FV function as follows:-
=FV(rate,nper,pmt)
=FV(6.8%,21,-3000)
=131516.38
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Your grandmother has invested $3000 in a mutual fund each year on your birthday (she made...
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Your grandmother has invested $8000 in a mutual fund each year on your birthday (she made her first payment when you turned 1 year old). The mutual fund has grown at an annual interest rate of 6.8%. How much is your account worth on the day of your 21st birthday immediately after your grandmother’s deposit?
Your grandmother has invested $10000 in a mutual fund each year on your birthday (she made...
Your grandmother has invested $10000 in a mutual fund each year on your birthday (she made her first payment when you turned 1 year old). The mutual fund has grown at an annual interest rate of 6.8%. How much is your account worth on the day of your 21st birthday immediately after your grandmother's deposit? Your Answer: Answer
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Your grandmother has invested $10000 in a mutual fund each year on your birthday (she made her first payment when you turned 1 year old). The mutual fund has grown at an annual interest rate of 6.8%. How much is your account worth on the day of your 21st birthday immediately after your grandmother's deposit? Your Answer: Answer
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