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    joslyn369's Avatar
    joslyn369 Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 4, 2008, 08:44 PM
    Excel spreedsheet
    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?
    JBeaucaire's Avatar
    JBeaucaire Posts: 5,426, Reputation: 997
    Software Expert
     
    #2

    Feb 4, 2008, 11:19 PM
    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...

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