I am attempting to setup a excel document for this problem:


You insert 50 dollars a month in a savings account that will draw 6% interest a year for 40 years. What will you have in the end?


How will I insert this in Excel to show what was obtained at each year?

If you just want the whole answer in one equation:

=FV(.5%,480,50)*-1

This shows the future value of an investment made a .5% a month, 480 months and $50 added each month. The answer is $99,574.54

To get the yearly balance, since your message indicated you might want a yearly milestone, just adjust your months in the middle.

=FV(.5%,12,50)*-1 (1 year)
=FV(.5%,24,50)*-1 (2 years)
=FV(.5%,36,50)*-1 (3 years)

Etc...