# Interest Week 6 Assignment And Time Value Of Money

## Interest Week 6 Assignment And Time Value Of Money

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# Interest Week 6 Assignment And Time Value Of Money

INSTRUCTIONS:

Interest Week 6 Assignment And Time Value Of Money

CONTENT:

Interest Week 6 Assignment and time value of money
Name
Institution
Date

1] You decide to begin saving towards the purchase of a new car in 5 years If you put \$1,000 at the end of each of the next 5 years in a savings account paying 6% compounded annually, how much will you accumulate after 5 years?
PMT= 1,000
N=5
I=6%
FV= \$5,637.09
start principlestart balanceinterestend balanceend principle1\$0.00 \$0.00 \$0.00 \$1,000.00 \$1,000.00 2\$1,000.00 \$1,000.00 \$60.00 \$2,060.00 \$2,000.00 3\$2,000.00 \$2,060.00 \$123.60 \$3,183.60 \$3,000.00 4\$3,000.00 \$3,183.60 \$191.02 \$4,374.62 \$4,000.00 5\$4,000.00 \$4,374.62 \$262.48 \$5,637.09 \$5,0

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