You have decided to invest $5,000 today into an investment account and you expect to earn 8% per year compounded quarterly during the first 30 years. After that, you will be more conservative and expect to earn 4% per year compounded semiannually. Which of the formulas will allow you to determine how much money you will have 45 years from now?

Remember the basic syntax of FV is FV(rate, nper, pmt, pv, type).

Please check the attached excel file for the spreadsheetTVM.xlsx .

Initial Investment	$5,000
Years	45
Years of aggressive investment period	30
Compounding frequency during the first 30 years	4
Compounding frequency after the first 30 years	2
Annual interest rate during the first 30 years	8%
Annual interest rate after the first 30 years	4%

		= FV(B7/B4, (B2-B3)*B4, 0, -FV(B6/B5, B3*B5, 0, -B1, 0), 0)
		=FV(B5,B3+B4,0,-B1)
		=FV(B6,B4,0,-PV(B5,B3,0,-B1))
		= FV(B7/B5, (B2-B3)*B5, 0, -FV(B6/B4, B3*B4, 0, -B1, 0), 0)