Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1) A bank offers the following saving scheme: Invest a fixed amount on the first of each month for a set number of years. On

image text in transcribed
1) A bank offers the following saving scheme: Invest a fixed amount on the first of each month for a set number of years. On the first of the month after your last installment, you get your money plus the accrued interest. The bank quotes a yearly interest rate, but interest is calculated and compounded on a monthly basis. Eight different interest rates are offered depending on the monthly deposit and the number of years the program is to run. The following table lists the interest rates offered. For sums 100 a month 3.5% 3.9% 3.7% 4.5% For a period of 2 years For a period of 3 years For a period of 4 years For a period of 5 years 4.2% 5.1% 4.6% 5.6% Write a two-argument function DFV(Deposit, Years), returning the future value of such an investment. Make the function return a #NUM! error if periods or deposits are not in the acceptable range. 2) Having question 1 in mind, write a subroutine which asks the user for the number of periods and the amount of deposit in two separate input boxes; then returns a message box in which the value of DFV function appears. Make input boxes have "OK" and "Cancel" buttons, while the message box only has "OK" button. Insert a button in a sheet which runs this subroutine. 1) A bank offers the following saving scheme: Invest a fixed amount on the first of each month for a set number of years. On the first of the month after your last installment, you get your money plus the accrued interest. The bank quotes a yearly interest rate, but interest is calculated and compounded on a monthly basis. Eight different interest rates are offered depending on the monthly deposit and the number of years the program is to run. The following table lists the interest rates offered. For sums 100 a month 3.5% 3.9% 3.7% 4.5% For a period of 2 years For a period of 3 years For a period of 4 years For a period of 5 years 4.2% 5.1% 4.6% 5.6% Write a two-argument function DFV(Deposit, Years), returning the future value of such an investment. Make the function return a #NUM! error if periods or deposits are not in the acceptable range. 2) Having question 1 in mind, write a subroutine which asks the user for the number of periods and the amount of deposit in two separate input boxes; then returns a message box in which the value of DFV function appears. Make input boxes have "OK" and "Cancel" buttons, while the message box only has "OK" button. Insert a button in a sheet which runs this subroutine

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investment Risk Management

Authors: Yen Yee Chong

1st Edition

0470849517, 9780470849514

More Books

Students also viewed these Finance questions

Question

Give an example of a composite identifier.

Answered: 1 week ago

Question

Does Facebook have any treasury stock? How do you know?

Answered: 1 week ago