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

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Finance

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?

Answer & Explanation Solved by verified expert
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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Transcribed Image Text

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?

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