Homework Answers
| Amount needed | FV at 18th birthday | |
| 18th birthday | $ 5,000 | $ 5,000 |
| 19th birthday | $ 5,000 | $ 4,710.92 |
| 20th birthday | $ 5,000 | $ 4,438.56 |
| 21st birthday | $ 5,000 | $ 4,181.94 |
| $ 18,331.41 |
| n= 15*4 | |
| n= 60 | |
| rate=1.5% | |
| FV= | $ 18,331.41 |
| n= 15*4 | |
| n= 60 | |
| rate=1.5% | |
| FV= | $ 18,331.41 |
| PMT(1.5%,60,,-18,331.41,0) | ₹ 190.53 |
Type "=PMT(1.5%,60,,-18,331.41,0)" in excel
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