Exercises / Finance and business maths · 5 of 14
What will the savings be worth?
FV(rate, periods, payment, [present value]) is the future value of regular saving. Rate and periods must use the same unit: monthly deposits need a monthly rate (annual ÷ 12) and the number of months (years × 12).
Your taskIn B6, use FV to work out the balance after B3 years: starting with B1, depositing B4 every month, at the annual rate in B2 compounded monthly.
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| Row | A | B |
|---|---|---|
| 1 | Starting balance | $5,000.00 |
| 2 | Annual rate | 4.5% |
| 3 | Years | 10 |
| 4 | Monthly deposit | $300.00 |
| 5 | ||
| 6 | Balance at the end |