Michelle is attending college and has a part-time job. Once she finishes college, Michelle would like...
Michelle is attending college and has a part-time job. Once she finishes college, Michelle would like to relocate to a metropolitan area. She wants to build her savings so that she will have a "nest egg" to start her off. Michelle works out her budget and decides she can afford to set aside
$200200
per month for savings. Her bank will pay her
1 %1%
per year, compounded monthly, on her savings account. What will be Michelle's balance in five years?
Homework Answers
Michelle's balance can be calculated using the FV function in excel as follows:
=fv(rate,nper,pmt,pv)
=FV(1%/12,5*12,200)
=12,299.81
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