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?

Expert Solution

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jeff jeffy answered 1 year ago

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