Question: Problem 3: How many years will it take for an intial investment of $2000, earning 5.4% annually, to reach $10,000? Problem 4: You have future

Problem 3: How many years will it take for an intial investment of $2000, earning 5.4% annually, to reach $10,000? Problem 4: You have future plans to buy a house 5 years from now. You estimate that a down payment of $20,000 will be required at that time. To accumulate that amount, you want to start making monthly payments into an account paying 3.9% interest. What will your monthly payments be?
NPER ? NPER 5
I/Y (Rate) 5.40% I/Y (Rate) 3.9%
PV 2000 PV 0
PMT 0 PMT ?
FV 10000 FV 20000
Compounding Periods Compounding Periods 12
CPT (Compute) ? 30.60 CPT (Compute) ? $331.47

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