I NEED TO KNOW TWO THINGS 1) What do I choose under finance on Excel . Example :

Question

I NEED TO KNOW TWO THINGS

1) What do I choose under finance on Excel . Example : FV, PV etc

2) what exactly block by block do I type in excel? Example: Rate ,pv, fv, type, etc

please do not post formulas unless it is from excel like above

You have decided to place $989 in equal deposits every month at the beginning of the month into a savings account earning 10.96 percent per year, compounded monthly for the next 8 years. The first deposit is made today. How much money will be in the account at the end of that time period?

Round the answer to two decimal places.

Explanation / Answer

Interest per month=10.96/12 0.913 Interest Factor=F=(1.00913)^(8*12) 2.393 FV of Annuity=A(F-1)/i=989*(2.393-1)/0.00913 150895.6

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.