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Allen wants to open a savings account. He will transfer $40,000 from another account to the...

Allen wants to open a savings account. He will transfer $40,000 from another account to the savings account today. After that, he will deposit $1,000 every month to the savings account. If the annual interest rate is 3.2%, what will be the account balance in his savings account after 5 years?

a.

$112,653.52

b.

$123,877.44

c.

$123,877.23

d.

$111,903.31

how would this be solved using finance functions in excel?

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