Question
Steven just deposited $10000 in a bank account that has a nominal interest rate of 12%, compounded monthly. Steven also plans to contribute another $10000
Steven just deposited $10000 in a bank account that has a nominal interest rate of 12%, compounded monthly.
Steven also plans to contribute another $10000 to the account one year (12 months) from now and another $20,000 to the account two years from now. How much will be in the account three years (36 months) from now?
Need help with formula in excel and explanations.
Thanks!
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Financial Institutions Management A Risk Management Approach
Authors: Anthony Saunders, Marcia Millon Cornett
9th edition
1259717771, 1259717772, 9781260048186, 1260048187, 978-1259717772
