Question: you are considering a savings plan that calls for a...
You are considering a savings plan that calls for a deposit of $12,000 at the BEGINNING of each of the next five years. If the plan offers an interest rate of 8 percent, how much will you accumulate at the end of year 5?
Do this calculation by completing the following template using Excel. Your spreadsheet will do the FV calculation twice - once using the FV function (in Cell B4) and once using a simple table that shows the accumulation at the beginning of each year that would be similar to what you would show a client that does not understand future value accumulation very well. Please show all work in excel and functions being used (I am used to a financial calculator). Thanks!
|3||Number of years||5|
|4||Total value||<--Use FV function|
|6||Year||Accumulation at beginning of year||Payment at end of year||Annual interest|