Question
Use functions: FV, PMT, PV, RATE, NPER. Select one function to complete each task You put $2,000 into a university fund for your son that
Use functions: FV, PMT, PV, RATE, NPER. Select one function to complete each task
You put $2,000 into a university fund for your son that grows at 10% per year, how much will he have for tuition in 18 years?
You decide you need $45,000 in your son's account by the time he is 18 years old. How much will you have to deposit today to achieve that goal?
How much will you have to deposit monthly to achieve that goal of $45,000 by the time your son is 18?
You decide you can afford $100 per month for your son's savings account. What interest rate would your investment need to make to reach your goal of $45,000 in 18 years?
If your investment in Question #7 were to achieve a 10% return, how many months would it take you to save the $45,000?
Calculate how much interest you will have earned if you save $300 per month for 20 years at 8% interest compounded monthly?
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