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9-3 A new engineer is considering investing in an individual retirement account (IRA) with a mutual fund that has an average

please solve this question by using Excel

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Answer #1

Using FV Function in Excel

Start of annual Deposit (birthday) 22
End of annual Deposit (Birthday) 70
Total no of deposits 49
Interest Rate 8%
Deposit amount 2000
Future worth of deposit 10,60,685.47

Showing Formula in Excel

Start of annual Deposit (birthday) 22
End of annual Deposit (Birthday) 70
Total no of deposits =T3-T2+1
Interest Rate 0.08
Deposit amount 2000
Future worth of deposit =FV(T5,T4,-T6)
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