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How much will you have saved after 6 years by contributing $1,200 at the end of each year if you expect to earn 11% on the investment?
How much will you have saved after 6 years by contributing $1,200 at the end of each year if you expect to earn 11% on the investment?
Expert Solution
Computation of Accumulated Amount using FV Function in Excel:
=-fv(rate,nper,pmt,pv)
Here,
FV = Future Value or Accumulated Amount = ?
Rate = 11%
Nper = 6 years
PMT = $1,200
PV =
Substituting the values in formula:
=-fv(11%,6,1200,0)
FV or Future Value or Accumulated Amount = $9,495.43
So, you will have saved $9,495.43 after 6 years by contributing $1,200 at the end of each year if you expect to earn 11% on the investment.
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