Don't go backward, go forward and make sure you make an assumption what the
car will cost when he gets to be 18. You only have 6 years. below I showed
my results for 72 months (12 to 18 years old).

fFrst put month number in A6 starting at 0 and down the column.

Enter in the following cells

A B
1 Start Amount 10000
2 Add Per Month 30
3 Interest Rate 0.05

Put "Month" in A5
C6 = 10000
B7 = C6 (need the formula)
C7 is formula =B7*(1 + ($B$3/360))^30+$B$2

A B C
Month
0 10000
1 10000 10071.75069
2 10071.75069 10143.80094
3 10143.80094 10216.15201
70 15723.87448 15819.52274
71 15819.52274 15915.57034
72 15915.57034 16012.01894


"Get started with Google Groups" wrote:

Hi everyone,
Hope you are well. Quite a novice when it comes to Excel.
Was I was hoping to do was this:

I always wanted to put aside $1 a day for my nephew so at 18 years of
age they could purchase a vehicle.
The idea was that with compound interest, that amount over 18 years
would grow significantly.
Like most things, where good intentions exist, one never gets around
to doing anything. (sidetracked, lazy, all the other excuses)

Well, a couple of years ago when I lost a parent and the grandparent
of this nephew, I thought, ok now Id like to present them with a car
on their 18th on behalf of their grandparent they were close to.

I seriously digress. The point is this nephew is now 12+ and I have
some serious catching up to do if I wish to fulfil this intention.

So back to Excel, 18 years, $1 per day, compound interest included,
backdated to say 1996.

Any assistance in where to begin with all this would be greatly,
greatly appreciated
Kind Regards
Thanks in advance