Please use Excel to answer the following TVM questions. You can use this spreadsheet to set up your calculations if you so desire. Unless indicated otherwise, assume that all of the problems are ordinary annuities (payment made at the end of the period). |
Part 4 I need $1,000,000 in 20 years if I am going to retire (Fat Chance!!) I currently have $100,000 saved for my retirement (I wish!!). A slick Wallstreet investment expert with the last name of Madoff has convinced me to invest my $100,000 in savings in his mutual fund program. His fund has projected annual returns of 11%. How much will I need to contribute annually to meet my investment objectives at this projected rate of return? Present Value (PV) = Future Value (FV) = Payment (PMT) = Payments or periods per yr (P/YR) = Annual Interest Rate (RATE) = Number of periods (NPER) =
SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE
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