• You decide to place $200 at the beginning of each month in an investment account earning interest at 4.33% annually (4.33% / 12 monthly). You plan on following this practice for five years (60 months). How much will you have accumulated in the account at the end of the five-year period?
• An investor invests $50 an account that returns 5% annually (5% / 12 per month). How much is the investors account worth at the end of the five-year period?

Gorman Corp. is attempting to build its cash reserves. Its CFO has determined that it can invest $35,000 at the beginning of each month in an account earning 6.42% annual interest (6.42% / 12 monthly). How long (in months) will Gorman need to follow this strategy to accumulate $3,000,000? NOTE: This problem can be solved with the NPER() function or with GOAL SEEK.