Question
PV and FV functions in Excel please do not answer if you are not 100% sure of the answer ! :) Also, PLEASE explain HOW
PV and FV functions in Excel
please do not answer if you are not 100% sure of the answer ! :) Also, PLEASE explain HOW you got your answer. I have to show my work in Excel so explain how I get my answer in excel. ANSWER BOTH QUESTIONS PLEASE :)
1)You need to have $10,000 to pay for your wedding in 5 years. How much do you need to deposit today in a bank that pays 4% interest, compounded annually, in order to achieve your goal?
2)You obtain an installment loan to pay for graduate school in the amount of $30,000. If the lender charges you 7% interest and you are required to pay the loan off in equal annual installments over a period of 8 years, what is the amount of each installment?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started