What is the future value of $890 six years from now at 7 percent? What is the fu

Question

What is the future value of $890 six years from now at 7 percent?
What is the future value of $1,460 saved each year for 6 years at 7 percent?
What is the amount a person would have to deposit today (present value) at a 7 percent interest rate to have $2,920 six years from now?
What is the amount a person would have to deposit today to be able to take out $1,940 a year for six years from an account earning 7 percent? What is the future value of $890 six years from now at 7 percent?
What is the future value of $1,460 saved each year for 6 years at 7 percent?
What is the amount a person would have to deposit today (present value) at a 7 percent interest rate to have $2,920 six years from now?
What is the amount a person would have to deposit today to be able to take out $1,940 a year for six years from an account earning 7 percent?
What is the future value of $1,460 saved each year for 6 years at 7 percent?
What is the amount a person would have to deposit today (present value) at a 7 percent interest rate to have $2,920 six years from now?
What is the amount a person would have to deposit today to be able to take out $1,940 a year for six years from an account earning 7 percent?

Explanation / Answer

1.

Present value = $890

Nper = 6 years

Rate = 7%

Compute the Future value using excel function:

FV = FV(Rate,Nper,Pmt,PV) = FV(7%,6,0,-890) =$1335.65.

2.

PV = $1460

Nper = 6 years

Rate = 7%

FV = FV(Rate,Nper,Pmt,PV) = FV(7%,6,0,-1460) =$2191.07.

3.

FV = 2920

Nper = 6 years

Rate = 7%,

Compute Present value using excel function,

PV = PV(Rate,Nper,Pmt,FV) = PV(7%,6,0,-2920) =$1945.72.

4.

FV = 1940

Nper = 6 years

Rate = 7%,

Compute Present value using excel function,

PV = PV(Rate,Nper,Pmt,FV) = PV(7%,6,0,-1940) =$1292.70.

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