The FV function
 

This is a silly question but I can't get it to work

I put 1000 dollars in the bank (one time installment). I get 4% annual
interest. And I keep the money in the bank for 17 years.

On paper the answer is 1000 x 4% = 40 x 17 = 680 dollar + the initial
amount of 1000 = 1680

How can I put these numbers into the FV Function of Excel

Rate ?
Nper ?
PMT ?
PV ?
Type 1

Thanks a lot for your help

The FV function
 

=A1*4%*17+A1

"Jolanta" wrote:

This is a silly question but I can't get it to work

I put 1000 dollars in the bank (one time installment). I get 4% annual
interest. And I keep the money in the bank for 17 years.

On paper the answer is 1000 x 4% = 40 x 17 = 680 dollar + the initial
amount of 1000 = 1680

How can I put these numbers into the FV Function of Excel

Rate ?
Nper ?
PMT ?
PV ?
Type 1

Thanks a lot for your help

The FV function
 

Thanks!

Can't the FV function be used in this case or perhaps another of the
many excel functions?

Bye

The FV function
 

<On paper the answer is 1000 x 4% = 40 x 17 = 680 dollar + the initial amount of 1000 = 1680

NO, No, No!!!
You're ignoring compound interest

--
Kind regards,

Niek Otten
Microsoft MVP - Excel

"Jolanta" wrote in message ...
| This is a silly question but I can't get it to work
|
| I put 1000 dollars in the bank (one time installment). I get 4% annual
| interest. And I keep the money in the bank for 17 years.
|
| On paper the answer is 1000 x 4% = 40 x 17 = 680 dollar + the initial
| amount of 1000 = 1680
|
| How can I put these numbers into the FV Function of Excel
|
| Rate ?
| Nper ?
| PMT ?
| PV ?
| Type 1
|
| Thanks a lot for your help

The FV function
 

Hi

Try
=FV(4%,17,,-1000)
Result
1947.90

--
Regards
Roger Govier

"Jolanta" wrote in message
...
Thanks!

Can't the FV function be used in this case or perhaps another of the
many excel functions?

Bye

The FV function
 

And you'd get the same answer from
=1000*(1+4%)^17
--
David Biddulph

"Roger Govier" <roger@technology4unospamdotcodotuk wrote in message
...
Hi

Try
=FV(4%,17,,-1000)
Result
1947.90

--
Regards
Roger Govier

"Jolanta" wrote in message
...
Thanks!

Can't the FV function be used in this case or perhaps another of the
many excel functions?

Bye

The FV function
 

Dear Roger and David

Are you telling me that the correct answer is 1 947,90 and not 1
680,00 :))

The FV function
 

Yes, they are right, you and TM are wrong

Of course your total value was 1680.00

But the compounded interest is 947.90

Example here


http://nwexcelsolutions.com/financial_function_page.htm#1._Answer:_Total_inter est_compounded_over_10_years_would_be_$11,589.25


--


Regards,


Peo Sjoblom





"Jolanta" wrote in message
...
Dear Roger and David

Are you telling me that the correct answer is 1 947,90 and not 1
680,00 :))

The FV function
 

at the end of the first year you do not have 1000 you have 1040
Second Year you have 1081.60 and so on

"Niek Otten" wrote:

<On paper the answer is 1000 x 4% = 40 x 17 = 680 dollar + the initial amount of 1000 = 1680

NO, No, No!!!
You're ignoring compound interest

--
Kind regards,

Niek Otten
Microsoft MVP - Excel

"Jolanta" wrote in message ...
| This is a silly question but I can't get it to work
|
| I put 1000 dollars in the bank (one time installment). I get 4% annual
| interest. And I keep the money in the bank for 17 years.
|
| On paper the answer is 1000 x 4% = 40 x 17 = 680 dollar + the initial
| amount of 1000 = 1680
|
| How can I put these numbers into the FV Function of Excel
|
| Rate ?
| Nper ?
| PMT ?
| PV ?
| Type 1
|
| Thanks a lot for your help