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I am trying to figure out a function that can be used to find the balance in
a savings account after a period of time. To make it a little more complicated, I want to include a monthly deposit during that time. Is there a function that can do this? I am trying to develop a savings plan that will be for a specific purchase I want to make in 5 years and want to know how much I need to put put in the account monthly. For example..... If I have an account with $500 and deposit $50 dollars every month for the next 5 years and there is a 25% annual interest rate...how much will be in it after 5 years? Or opposite, although I know how to do what-if anaysis if that is what it takes... If I want to save 10,000 in 5 years, how much would I have to deposit monthly. These are not the specific numbers but this is what I want it to do for me for several different saving's projects I want to do. I tried a couple of the suggested functions, but they didn't come out right, and I could find anything that included adding to the account throughout the time period. Does anyone know how to do this? And I am a not clear on all the financial terms they use in the help mode, so if you can explain it as simply as possible I would really appreciate it. Thanks. |
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