Question

If you want to have $5000 when you graduate from college to take a European vacation, how much would you need to invest now assuming you could earn a 5% annual interest rate compounded monthly over a 3-year period? 
Perform this calculation using the formula given in class. After performing the calculation, create an Excel spreadsheet listing the net worth of your account every month over the three year period (starting with the P you computed above and ending with $5000).



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  • CreatedJuly 29, 2013
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