Jenna wants to have $10,000 in her savings account in three years. If she currently does not...
Jenna wants to have $10,000 in her savings account in three years. If she currently does not have anything in his account, how much will she need to save each month if her account compounds at 4% monthly? please solve with excel
Homework Answers
rate = Monthly effective rate = 4%/12 = 0.3333333333%
nper = 3 * 12 = 36
PV = 0
FV = 10000
Use excel function,PMT
PMT = -261.9065167
Monthly payment = $261.9065167
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