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A B K M N SAVING FOR THE FUTURE Annual deposit to savings 200 Number of years for deposit 10 Interest rate 3% Use FV
A B K M N SAVING FOR THE FUTURE Annual deposit to savings 200 Number of years for deposit 10 Interest rate 3% Use FV table in the following exercises, then use FV() function to veruify your answer: a) What is the value at the end of 10 years of $200 deposited today and at the beginning of each of the next 9 years at an annual rate of interest of 3%? b) What is the value at the end of 10 years of $200 deposited at the end of years 1-10 at an annual rate of interest of 3%? of years 1-10 at an annual rate of interest of 3%? c) What is the FV in part b) if the annual rate of interest is 3%, but interest is compounded monthly? d) What is the FV in part b) if the annual rate of interest is 3%, but interest is compounded quarterly? e) What is the FV in part c) if the deposits occur in the middle of each year? f) What is the FV in part d) if the deposits occur at the end of the first quarter of each year
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