Same process you are discussing in this discussion question.
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Get it written →A Microsoft Excel spreadsheet is required for this DQ.
Use the digits of your birthday (10/04/1978) as the amount of your initial investment (i.e., 6/25 is $625), calculate the value of this investment after 10 years at 3.5% APR for interest compounded yearly, quarterly, monthly, and daily. What do you notice?
The formula for annual compound interest is A = P*(1 + r/n) ^ (n*t). Please use Excel. Save work for mission project.
A = P*(1 + r/n) ^ (n*t)
Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for
Your mission trip will require you to calculate the account balance of a savings account from a sponsorship. You will invest a certain percent of your budget. The investment calculation you show should be the same process you are discussing in this discussion question. Complete your discussion question in Excel so you can copy and paste the work to your mission trip Excel document.
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