Future Value is calculated in Excel using the following function and pa Future Value = -FV(APR/12, 12* Years, Monthly Deposit) You expect to work for 30 years investing $120 per month. If you wa what APR is needed? (Enter your answer with two decimal places)

Future Value is calculated in Excel using the following function and pa Future Value = -FV(APR/12, 12* Years, Monthly Deposit) You expect to work for 30 years investing $120 per month. If you wa what APR is needed? (Enter your answer with two decimal places)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

Future Value is calculated in Excel using the following function and parameters:
Future Value = -FV(APR / 12, 12 * Years, Monthly Deposit)
You expect to work for 30 years investing $120 per month. If you want to have $135,000 at the end of that time,
what APR is needed?
(Enter your answer with two decimal places)

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