Computing Future Value for a Specified Period

You wish to save some money for renovating your house in 5 years. You deposit 2,000 EUR to your saving account at an interest rate of 3% compounded quarterly. Furthermore, you are going to add 100 EUR at the beginning of each month. How much money will there be in your saving account in 5 years?

Formula for Cell B11 (Future Value)


According to Excel FV calculator – around 4,300 EUR.


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