Question
Allen wants to open a savings account. He will transfer $40,000 from another account to the savings account today. After that, he will deposit $1,000
Allen wants to open a savings account. He will transfer $40,000 from another account to the savings account today. After that, he will deposit $1,000 every month to the savings account. If the annual interest rate is 3.2%, what will be the account balance in his savings account after 5 years?
| a. | $112,653.52 | |
| b. | $123,877.44 | |
| c. | $123,877.23 | |
| d. | $111,903.31 |
how would this be solved using finance functions in excel?
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Financial Management Core Concepts
Authors: Raymond M Brooks
2nd edition
132671034, 978-0132671033
