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Calculate the following time value of money problem using Microsoft Excel Please show your work in the cells. Use Excel formulas instead of writing the
Calculate the following time value of money problem using Microsoft Excel Please show your work in the cells. Use Excel formulas instead of writing the values/answers directly in the cell.
1)
| If we place $8,592.00 in a savings account paying 7.5 percent interest compounded annually, how much will our account accrue to in 9.5 years? | |||||||||||
| FV = PV (1 + i)n | |||||||||||
| Present Value (PV) | 8592 | ||||||||||
| Interest Rate (i) | 0.075 | ||||||||||
| Number of years (n) | 9.5 | ||||||||||
| Answer- | |||||||||||
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