Question: Luke wants to save for a down payment on a home that he plans to purchase 5 years from now. He can invest $4,600 today

Luke wants to save for a down payment on a home that he plans to purchase 5 years from now. He can invest $4,600 today (PV) in a mutual fund that promises 8.5% return, compounding monthly. How much will Luke have for the down payment (FV)?

Group of answer choices

$6,916.82

$3,011.85

$7,025.58

$6,555.00

Can you show how to figure this in excel with the FV function?

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