To solve this problem, you can use the FV (Future Value) function in Excel. Here are the steps:

1. Open Excel and click on a cell where you want the result to be displayed.
2. Type `=FV(` to start the function.
3. The FV function has the following syntax: `FV(rate, nper, pmt, [pv], [type])`. In this case, the rate is the annual interest rate divided by the number of periods per year. The nper is the total number of payment periods in an investment. The pmt is the payment made each period. The pv is the present value or lump-sum amount that a series of future payments is worth right now. The type is when the payments are due.
4. For the rate, type `1.7%/12,` because the interest rate is annual and payments are monthly.
5. For nper, type `4*12,` because there are 4 years and 12 months in a year.
6. For pmt, type `-35,` because you are paying out $35 each month. The payment is represented as a negative number because it's an outgoing payment.
7. For pv and type, you can ignore these as they are optional and not needed in this case.
8. Close the function with a `)`.
9. The final function should look like this: `=FV(1.7%/12, 4*12, -35)`.
10. Press Enter and Excel will calculate the future value of your savings account, rounded to the nearest cent.

Remember, the result will be displayed as a negative number, because it represents money that you will receive in the future. To display it as a positive number, you can either put a minus sign in front of the function, like `=-FV(1.7%/12, 4*12, -35)`, or you can simply change the sign of the result.

Question

To solve this problem, you can use the FV (Future Value) function in Excel. Here are the steps:

1. Open Excel and click on a cell where you want the result to be displayed.
2. Type `=FV(` to start the function.
3. The FV function has the following syntax: `FV(rate, nper, pmt, [pv], [type])`. In this case, the rate is the annual interest rate divided by the number of periods per year. The nper is the total number of payment periods in an investment. The pmt is the payment made each period. The pv is the present value or lump-sum amount that a series of future payments is worth right now. The type is when the payments are due.
4. For the rate, type `1.7%/12,` because the interest rate is annual and payments are monthly.
5. For nper, type `4*12,` because there are 4 years and 12 months in a year.
6. For pmt, type `-35,` because you are paying out $35 each month. The payment is represented as a negative number because it's an outgoing payment.
7. For pv and type, you can ignore these as they are optional and not needed in this case.
8. Close the function with a `)`.
9. The final function should look like this: `=FV(1.7%/12, 4*12, -35)`.
10. Press Enter and Excel will calculate the future value of your savings account, rounded to the nearest cent.

Remember, the result will be displayed as a negative number, because it represents money that you will receive in the future. To display it as a positive number, you can either put a minus sign in front of the function, like `=-FV(1.7%/12, 4*12, -35)`, or you can simply change the sign of the result.

Knowee AI · Accepted Answer

To solve this problem, you can use the FV (Future Value) function in Excel. Here are the steps:

1. Open Excel and click on a cell where you want the result to be displayed.
2. Type `=FV(` to start the function.
3. The FV function has the following syntax: `FV(rate, nper, pmt, [pv], [type])`. In this case, the rate is the annual interest rate divided by the number of periods per year. The nper is the total number of payment periods in an investment. The pmt is the payment made each period. The pv is the present value or lump-sum amount that a series of future payments is worth right now. The type is when the payments are due.
4. For the rate, type `1.7%/12,` because the interest rate is annual and payments are monthly.
5. For nper, type `4*12,` because there are 4 years and 12 months in a year.
6. For pmt, type `-35,` because you are paying out $35 each month. The payment is represented as a negative number because it's an outgoing payment.
7. For pv and type, you can ignore these as they are optional and not needed in this case.
8. Close the function with a `)`.
9. The final function should look like this: `=FV(1.7%/12, 4*12, -35)`.
10. Press Enter and Excel will calculate the future value of your savings account, rounded to the nearest cent.

Remember, the result will be displayed as a negative number, because it represents money that you will receive in the future. To display it as a positive number, you can either put a minus sign in front of the function, like `=-FV(1.7%/12, 4*12, -35)`, or you can simply change the sign of the result.

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