Question : Drederick Tatum promised himself to save at the beginning of : 9643
Drederick Tatum promised himself to save at the beginning of each period. His goal is to save $7,500 for a down payment on a new car. Given an annual interest rate of 8.5% (compounded periodically), how many years will it take him to reach his goal if he: a) Makes a $125 payment monthly? b) Makes a $400 payment quarterly? c) Makes a $1,500 payment annually? Which option will allow him to reach his goal the fastest?
I have to enter the problem into an excel spreadsheet like this one:
Relevant Information 





Annual Interest Rate 





Periods Per Year 





Number of Years 











Needed Information 





Present Value 




PV 
Future Value 




FV 
Payment 




PMT 
Rate 




RATE 
Number of Periods 




NPER 






Additional Calculations (if needed) 




























