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[Q] How to use Excel to show est. compounded value displayed by mo
I have two years to save
I have a starting value, say $100 I have an intrest rate, say 2% I want to add $10 a month [Q] How can I use Excel to show my total compounded balance 'each month' forecast over the two years ? pmail also please to Thanks, J |
#2
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[Q] How to use Excel to show est. compounded value displayed by mo
"JohnH" wrote:
I have two years to save I have a starting value, say $100 I have an intrest rate, say 2% I want to add $10 a month [Q] How can I use Excel to show my total compounded balance 'each month' forecast over the two years ? Depends on what you mean. 1. You mean that you invest $100 at the beginning of the first month and $10 at the beginning of each of the remaining 23 months. Total at the end of 24 months: =FV(2%/12,23,-10,-100*(1+2%/12),1) A1: =100*(1+2%/12) A2: =(A1+10)*(1+2%/12) Copy A2 down through A24. 2. You mean that you invest $100 at the beginning of the first month, and you add $10 at the end of each of 24 months including the first one. Thus, you do not earn interest on the last $10 deposit. Total at the end of 24 months: =FV(2%/12,2*12,-10,-100) A1: =100*(1+2%/12)+10 A2: =A1*(1+2%/12)+10 Copy A2 down through A24. 3. You mean that you invest $100 at the beginning of the first month, and you $10 at the beginning of the each of 24 months including the first one. Thus, you invest $110 initially(!). Total at the end of 24 months: =FV(2%/12,24,-10,-100,1) A1: =110*(1+2%/12) A2: =(A1+10)*(1+2%/12) Copy A2 down through A24. ----- original message ----- "JohnH" wrote: I have two years to save I have a starting value, say $100 I have an intrest rate, say 2% I want to add $10 a month [Q] How can I use Excel to show my total compounded balance 'each month' forecast over the two years ? pmail also please to Thanks, J |
#3
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[Q] How to use Excel to show est. compounded value displayed by mo
You set up a table.
A2 is a period or date, say, 2009-12-01 B2 is the opening balance, $100 C2 is your payment, $10 D2 is the interest earned for the period, $0 E2 is the closing balance, B2+C2+D2 A3 =date(year(a2),month(a2)+1,day(a2) B3 =E2 C3 =C2 D3 =E2*2%/12 E3 =B3+C3+D3 Copy row 3 down as far as necessary. Regards, Fred "JohnH" wrote in message ... I have two years to save I have a starting value, say $100 I have an intrest rate, say 2% I want to add $10 a month [Q] How can I use Excel to show my total compounded balance 'each month' forecast over the two years ? pmail also please to Thanks, J |
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