Question: Macy opens a savings account with $ 3 , 5 0 0 . She then continues depositing $ 1 , 2 0 0 every quarter.

Macy opens a savings account with $3,500. She then continues depositing $1,200 every quarter. How much will she have saved at the end of 20 years if the account pays interest at an APR of 5% compounded:
a.12 times a year?
b.52 times a year?
c.365 times a year?
I need to know how to set this up and solve in excel, so plese show step by step including formulas in excel. Screenshots would be very helpful.

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!