For the next 8 years, you decide to place $1,136 in equal year-end deposits into a savings account earning 8

Finance Sep 11, 2020

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.

Expert Solution

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

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote