Please use excel If you deposit $5,000 in a savings account that pays 8% annual interest compounded monthly, and...

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Please use excel
If you deposit $5,000 in a savings account that pays 8% annualinterest compounded
monthly,and make no other deposits to the account, how much will youhave
after 5years?
$7,449.23
In addition to the $5,000 as specified in the above problem, howmuch will you
have atthe end of 5 years if you also deposit an additional $200 at theend of
eachmonth for the entire 5 year period?
In addition to the $5,000 as specified in above problem #4, howmuch will you
have atthe end of 5 years if you also deposit an additional $200 at thebeginning
of eachmonth for the entire 5 year period?

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3.8 Ratings (399 Votes)

1Future value present value 1 rnwhere r interest rate per periodand n number of periodsHere the r monthly rater annual rate 12 8 12n total number of monthly periodsn number of years 12 5 12Future value 7449232The accumulated See Answer

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If you deposit $5,000 in a savings account that pays 8% annualinterest compounded

monthly,and make no other deposits to the account, how much will youhave

after 5years?

$7,449.23

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Please use excelIf you deposit $5,000 in a savings account that pays 8% annualinterest compoundedmonthly,and make no other deposits to the account, how much will youhaveafter 5years?$7,449.23In addition to the $5,000 as specified in the above problem, howmuch will youhave atthe end of 5 years if you also deposit an additional $200 at theend ofeachmonth for the entire 5 year period?In addition to the $5,000 as specified in above problem #4, howmuch will youhave atthe end of 5 years if you also deposit an additional $200 at thebeginningof eachmonth for the entire 5 year period?