Question

# Dave makes 3 deposits of \$9000 to his saving account over 8 years. The first deposit...

Dave makes 3 deposits of \$9000 to his saving account over 8 years. The first deposit happens at Year 0, the second in 3 years, and the final deposit 1 year after that. For the first 3 years the effective yearly rate is 6%. For the 1 year after that, the rate is 11%. For remaining years, the rate is only 9%. How much is at the end if the 8 years?

Can you please use excel and show formulas.

Using Excel

 First Deposit at EOY 0 9000 Second Deposit at EOY 3 9000 Third Deposit at EOY 4 9000 interest rate for 3 yr 6% interest rate for 4th yr 11% interest rate from 5th to 8th yr 9% Value of deposit at EOY 3 19,719.14 Value of deposit at EOY 4 30,888.25 Value of deposit at EOY 8 43,601.29

Showing formula in excel

 First Deposit at EOY 0 9000 Second Deposit at EOY 3 9000 Third Deposit at EOY 4 9000 interest rate for 3 yr 0.06 interest rate for 4th yr 0.11 interest rate from 5th to 8th yr 0.09 Value of deposit at EOY 3 =FV(C5,3,,-C2)+C3 Value of deposit at EOY 4 =FV(C6,1,,-C8)+C4 Value of deposit at EOY 8 =FV(C7,4,,-C9)

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