Question
Use the appropriate function in Excel to answer the following question. How much money would you have in a savings account at the end of
Use the appropriate function in Excel to answer the following question.
How much money would you have in a savings account at the end of 5 years if the following assumptions were true?
- You make payments of $35 a month to your savings account every month for 5 years.
- Your savings account has a fixed APR of 1.1%. Note: A fixed APR is an annual interest rate that does not change during the 5-year period.
- You will not take any money out of your savings account during this 5-year period.
- You have no beginning balance.(Round to the nearest cent)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To calculate the future value of the savings account at the end of 5 years with the given assumption...
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Step: 2
Step: 3
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Finance Applications and Theory
Authors: Marcia Cornett, Troy Adair
3rd edition
1259252221, 007786168X, 9781259252228, 978-0077861681
