Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / For the next 8 years, you decide to place $1,136 in equal year-end deposits into a savings account earning 8
For the next 8 years, you decide to place $1,136 in equal year-end deposits into a savings account earning 8.48 percent per year. How much money will be in the account at the end of that time period?
Round the answer to two decimal places.
We can calculate the future value by using the following formula in excel:-
=fv(rate,nper,-pmt,pv)
Here,
FV = Future value
Rate = 8.48%
Nper = 8 periods
Pmt = $1,136
PV = $0
Substituting the values in formula:
= fv(8.48%,8,-1136,0)
= $12,294.71
