Annuity, Putting calcualtion in calculator.?
Here’s te question:
Brenda and Tom want to save $30,000 over the next four years for a down payment on a house. What amount must they regularly save from their month-end pay cheques if their savings can earn 5.5% annually.
So: Fv=30,000 n=4(12)=48 i=5.5%/2=2.75% c=2/12=0.16
ie=(1.0275)^0.16-1= .004531682
Calculation should be :
30,000 = PMT (1.004531682^48 – 1 / .004531682)
Where PMT = $560.90
Can anyone help walk me through it?
I don’t know its not coming up in my calculator.
Nevermind figured it out, post if you want a free top answer.
This is absolutely ridiculous. I can not believe that you are serious right now. Its got to be a joke!!!!!Maybe you should call a loan officer or ask a professor to help you. Who even knows what you are talking about. If you already have all of the formulas, then you should be able to figure this out very easily.
Calculate Value of Savings/Retirement Plan in Excel – FV()
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