3. (Savings plans) You plan to open a savings account by depositing $1,000 in the bank...
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3. (Savings plans) You plan to open a savings account by depositing $1,000 in the bank today. You also plan to deposit $1,000 in the bank in 1 year, 2 years, ..., 9 years. If the bank pays interest of 3% per year, how much will you have in the bank 10 years from now? Interest rate Year 0 1 23 4 5 6 7 8 9 Total (summing C4:C13) Using FV function 3.00% Deposit 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Future value in year 10 1,343.92 <-- =B4*(1+$B$1)^(10-A4) 3. (Savings plans) You plan to open a savings account by depositing $1,000 in the bank today. You also plan to deposit $1,000 in the bank in 1 year, 2 years, ..., 9 years. If the bank pays interest of 3% per year, how much will you have in the bank 10 years from now? Interest rate Year 0 1 23 4 5 6 7 8 9 Total (summing C4:C13) Using FV function 3.00% Deposit 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Future value in year 10 1,343.92 <-- =B4*(1+$B$1)^(10-A4)
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There are gonna be 10 deposits all in the beginning of the ... View the full answer
Related Book For
Financial Management for Public Health and Not for Profit Organizations
ISBN: 978-0132805667
4th edition
Authors: Steven A. Finkler, Thad Calabrese
Posted Date:
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