Interest Week 6 Assignment and time value of money
Name
Institution
Date

1] You decide to begin saving towards the purchase of a new car in 5 years If you put $1,000 at the end of each of the next 5 years in a savings account paying 6% compounded annually, how much will you accumulate after 5 years?
PMT= 1,000
N=5
I=6%
FV= $5,637.09
start principlestart balanceinterestend balanceend principle1$0.00 $0.00 $0.00 $1,000.00 $1,000.00 2$1,000.00 $1,000.00 $60.00 $2,060.00 $2,000.00 3$2,000.00 $2,060.00 $123.60 $3,183.60 $3,000.00 4$3,000.00 $3,183.60 $191.02 $4,374.62 $4,000.00 5$4,000.00 $4,374.62 $262.48 $5,637.09 $5,0