Question

You want to know what the value of your retirement fund will be when you retire...

You want to know what the value of your retirement fund will be when you retire if you contribute regularly to your 401(k). The feature that will help you calculate this is:

a. the present value (PV) function.

b. the future value (FV) function.

c. the payment (PMT) function.

d. the interest (INT) function.

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Answer #1

a. the present value (PV) function calculates the present value of your payments, so the outcome of this function will give you the value of all your payments now but not at the time of your retirement. So this option is incorrect.

b. the future value (FV) function calculates the future value of your payments, so the outcome of this function will give you the value of all your payments at the time of your retirement. So this option is correct.

c. the payment (PMT) function calculates the required payment for a given future or present value.So this option is incorrect

d. the interest (INT) function calculates the integer value of a decimal number So this option is incorrect

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