Question: How do I solve part B using Excel? 6. You want to have $85,000 saved in your bank account 11 years from now. You want

How do I solve part B using Excel? 6. You want to

How do I solve part B using Excel?

6. You want to have $85,000 saved in your bank account 11 years from now. You want to deposit the same amount every year, starting next year, and you can earn 5.5% per year on your savings. a. What would be your annual deposit? FV:$85,000t:11yearsr:0.055 =PMT(0.055,11,0,85000)=$5828.51 b. Say that you make the first deposit today and the last one in 10 years, what would be your annual deposit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Please show all steps to solve this question. Thanks! You want to have $85,000 saved on your bank account 11 years from now. You want to deposit the same amount every year, starting next year, and...

You want to have $80,000 in your savings account 11 years from now, and you're prepared to make equal annual deposits into the account at the end of each year. If the account pays 6.30 percent...

John and Jane Doe are married retired taxpayers who care for their three-year-old grandson. The following information was provided to you as documentation necessary to prepare their 2017 tax return....

3 COLLEGE ALGEBRA - TRIGONOMETRY Business and Finance (MAT115) This course will start with a review of basic algebra (factoring, solving linear equations, and equalities, etc.) and proceed to a study...

Download the Excel file that I provided Part A: Challenging Time Value Questions Suppose that a savings account is opened with an initial deposit of $2,000. Also, the account gets the interest that...

Hi Tutor, Need help in the following question. Would appreciate your help as require to cross reference with my current answer. In Excel format. Thank you Question 1 The concept of the time of money...

please solve every step every table i have in excel how can i share that as i uploading pictures of that The pivotal role of accountants today is to undertake much accounting work using computers...

Lab 1, Simple Interest This lab covers some basic algebra and graphing skills. You will enter formulas, create Text Boxes, use the Solver, and create a graph. In Part I you will create a cover page...

what formulas do you have to use to solve part b? and how do you do the equations in excel. FIN419: Fall 2016 Individual Project 2: TVM & Bond Duration (Due date: Oct 9, 2016) Please send your Excel...

Ch 5A Questions Problem 1: Calculating Future Values. For each of the following compute the future value: Present Value ($) Years Interest Rate Future Value($) 3680 5 20% 9740 10 86399 15 10% 565000...

Using the profitability index rule and a required rate of return of 10%, should a company accept a project with the following cash flows? Initial: $ -24,000 Year 1: $ 16,800; Year 2: $ 8,000

Prior to a scan, a patient receives a 100 Mbq of a compound labeled with an isotope having a physical half-life of one hour. The clearance of this compound by the kidneys is 20% per hour After one...

The expenses and income of an individual are given in table form to the right. Find the net monthly cash flow (it may be negative or positive). Assume that amounts shown for salaries and wages are...

A company is preparing completing their Cash Budget. The following data has been prepared for cash receipts and payments. January February March Cash receipts $1,061,200 $1,182,400 $1,091,700 Cash...