Homework Answers
using FV function in Excel
| Monthly contribution | 420 |
| interest rate 1 | 7% |
| quarterly interest rate 1 | 0.0175 |
| interest rate 2 | 9.60% |
| quarterly interest rate 2 | 0.024 |
| No. Of contribution at interest rate 1 | 41 |
| No. Of contribution at interest rate 2 | 45 |
| Future worth after 41 contributions | $24,879.01 |
| Future worth after 45 more contributions | $1,05,710.81 |
Showing formula in excel
| Monthly contribution | 420 |
| interest rate 1 | 0.07 |
| quarterly interest rate 1 | =C3/4 |
| interest rate 2 | 0.096 |
| quarterly interest rate 2 | =C5/4 |
| No. Of contribution at interest rate 1 | 41 |
| No. Of contribution at interest rate 2 | 45 |
| Future worth after 41 contributions | =FV(C4,C7,-C2) |
| Future worth after 45 more contributions | =FV(C6,C8,-C2)+FV(C6,C8,,-C9) |
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Use spreadsheet functions to solve the following: Elizabeth is making quarterly contributions of of $420 to...
Jamie is making quarterly contributions of of $290 to her savings account which pays interest at...
Jamie is making quarterly contributions of of $290 to her
savings account which pays interest at the APR of 7.2%, compounded
quarterly. Right after Jamie makes her 30th contribution, the bank
changes the APR to 4.5% and Jamie makes 54 more $290 contributions.
What is Jamie's balance right after her last contribution?
Jamie is making quarterly contributions of of $290 to her savings account which pays interest at the APR of 7.2%, compounded quarterly. Right after Jamie makes her 30th...
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Jamie is making quarterly contributions of of $290 to her
savings account which pays interest at the APR of 7.2%, compounded
quarterly. Right after Jamie makes her 30th contribution, the bank
changes the APR to 4.5% and Jamie makes 54 more $290 contributions.
What is Jamie's balance right after her last contribution?
Jamie is making quarterly contributions of of $290 to her savings account which pays interest at the APR of 7.2%, compounded quarterly. Right after Jamie makes her 30th...
Justin is making quarterly contributions of of $380 to his savings account which pays interest at the APR of 7.6%, compounded quarterly. Right after Justin makes his 53rd contribution, the bank changes the APR to 6.7% and Justin makes 45 more $380 contributions. What is Justin's balance right after his last contribution?
Answer the following problems using an Excel spreadsheet. All calculations MUST use Excel's Time Value of Money Functions (demonstrated in class) as well as cell references to receive FULL credit. Make sure to set up the data for each problem so you can "point" to the appropriate values in your formulas. Each problem is worth 20 points. This assignment must be completed INDIVIDUALLY. THIS IS NOT A GROUP ASSIGNMENT. The file you submit in CANVAS must be one that YOU...
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