You’ve decided to deposit your money in the bank at the beginning of the year instead of the end of the year, but now you are ma

Question

4 years ago

10

You’ve decided to deposit your money in the bank at the beginning of the year instead of the end of the year, but now you are ma

king payments of $7,000 at an annual interest rate of 9%. How much money will you have available at the end of eight years—rounded to the nearest whole dollar?

Business

1 answer:

VMariaS [17] · Answer 1 · 2022-01-06T04:25:52+03:00

Answer:

$84,147.26

Explanation:

For this question, we use the Future value formula that is shown in the spreadsheet attachment below:

Data provided in the question

Present value = $0

Rate of interest = 9%

NPER = 8 years

PMT = $7,000

The formula is shown below:

= -FV(Rate;NPER;PMT;PV;type)

So, after solving this, the future value is $84,147.26