Function in Excel to answer the following question: Use the appropriate savings account at the end of 5 years if the following assumptions were true. How much money would you have in your savings account every month for 5 years if you make payments of $520 per month? Note: fixed APR is an annual interest rate that does not change during the 5-year period. Your savings account has a fixed APR. You will not take any money out of your savings account during this 5-year period. Round to the nearest cent.
Added by Ramon B.
Step 1
First, we need to calculate the total number of periods. Since we are making monthly payments for 5 years, the total number of periods is 5*12 = 60 months. Show more…
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