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What would be the formula I use to calculate the ending balance of an Account with $45 monthly deposits, with 8% annual interest, over 30 years?
What would be the formula I use to calculate the ending balance of an Account with $45 monthly deposits, with 8% annual interest, over 30 years?
=fv(8%/12, 30*12, -45)
Entia non sunt multiplicanda sine necessitate
C1 initial value 0
C2 compounding periods per year 12
C3 nominal interest rate, compounded n times per year 0.08
C4 periodic interest rate =0.08/12 0.006666667
C5 number of years 30
C6 number of compounding periods =12*30 360
C7 periodic deposit 45
Formula:
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Result: 67513.28302
or simply:-
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Why does your result differ slightly from shg's ?Originally Posted by mehmetcik
shg's FV function assumes payments are made at the end of each period, mehmetcik's assumes at the start of each period.
Richard Buttrey
RIP - d. 06/10/2022
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Thank you everyone. Worked perfectly!
Glad to have contributed and thanks for the rep
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