Question
Use the Excel time value of money functions to complete the following problems. Highlight your answers. Upload your solution on blackboard. 1) Mannys grandparents gave
Use the Excel time value of money functions to complete the following problems. Highlight your answers. Upload your solution on blackboard.
1) Mannys grandparents gave him $1,800 for his birthday. He opened a savings account that pays 4% annually. How much money will he have in 7 years if he does not make any withdrawals?
| N= | |
| I= | |
| PV= | |
| PMT= | |
| FV= |
2) Your parents will retire in 25 years. They currently have $100,000 in savings. They think they will need $1,000,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they dont save any additional funds?
| N= | |
| I= | |
| PV= | |
| PMT= | |
| FV= |
3) If you deposit $75,000 in an account that pays 6% annual interest, how long will it take to double your money?
| N= | |
| I= | |
| PV= | |
| PMT= | |
| FV= |
4) Roy deposited $850 in an account that pays 6% compounded semiannually. How much money will he have in the account 10 years from now?
| N= | |
| I= | |
| PV= | |
| PMT= | |
| FV= |
5) Jerry has $450,000 in his savings account. How much money did he deposit in the account 10 years ago if he earned 8% compounded monthly?
| N= | |
| I= | |
| PV= | |
| PMT= | |
| FV= |
6) Amanda deposited $40,000 in an account that pays 4% annually. How long will it take her to triple the money if interest is paid every quarter?
| N= | |
| I= | |
| PV= | |
| PMT= | |
| FV= |
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
Creative Cash Flow Reporting Uncovering Sustainable Financial Performance
Authors: Charles W. Mulford, Eugene E. Comiskey
1st Edition
0471469181, 978-0471469186
