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

=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

Thanks!

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

Bye

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

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

Dear Roger and David

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

<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

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