Task 1 of 4
In B6, calculate the balance at the end of the term in B2.
Lesson theory
FV(rate, nper, pmt, [pv]) is the future value: how much a savings account will hold at the end of the term
with monthly deposits and compounding interest.
PV(rate, nper, pmt, [fv]) is the present value: how much you must put in today to reach a goal.
Money you pay in is entered as a negative number:
=FV(B1/12,B2,-B3,-B4)The 4.5% rate is a practice number, not a quote.
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