New Scenario (Independent):
Mia deposits $454885 into her savings account today. The bank pays interest at 9% p.a. compounded quarterly for the first 9 years and 9.5 % p.a. compounded quarterly thereafter. Calculate the balance in Mia’s savings account in 17 years' time.

New Scenario (Independent):
Nancy makes a deposit into her savings account today. She earns interest at 10% p.a. compounded monthly. How many months does it take for Nancy to double her money?

New Scenario (Independent):
Frank takes out a $181800 mortgage loan today. To fully repay the loan, he needs to make 40 equal quarterly repayments of $9090 starting in 3 months. Calculate the interest rate p.a. compounded quarterly for this loan.

New Scenario (Independent):
Ken deposits $4545 into his savings account every month starting from today. He will make 80 deposits in total. The interest rate is 9.3% p.a. compounded monthly. Calculate the balance in his bank account in 120 months' time.

Calculate the answers for the below questions in cells C3 to C10 using Excel TVM functions.
Use AT LEAST ONE of Excel's TVM functions among =PV, =FV, =PMT, =RATE, =NPER, =IPMT, =PPMT, =CUMIPMT, =CUMPRINC to answer each question.

Answer rating: 100% (QA)

C 3 F V 0 09 4 9 4 45 48 85 0 0 C ... View the full answer