Question
I'm struggling to figure out how to solve these in Excel. I'm trying to learn how to do these problems through Excel since I don't
I'm struggling to figure out how to solve these in Excel. I'm trying to learn how to do these problems through Excel since I don't have a financial calculator. Suppose that you are the manager of a newly formed retirement fund. You are to set up a series of semiannual payments to accumulate a sum of $1,000,000 in ten years. You assume that the appropriate interest rate for the period is 6 percent annual, compounded semiannually. The first payment into the fund will be made six months from today and the last payment will be at the end of the tenth year. A. What is the required Semi-Annual Payment, to the nearest dollar? B. How much would be in the retirement fund at the end of six years, to the nearest dollar?
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