You plan to deposit $4,000 each year for the next 20 years into a bank account. The account is paying 8% interest, compounded annually. Interest is paid on the last day of each year. You want to compute the value of your account in 20 years. You make each year's contribution on the last day of the year.
Memory register usage:
Register 0: 4000 (periodic payment) Register 1: 0.08 (periodic interest rate is 8%) Register 2: 20 (number of periods)
Clicking SELECT on Fv returns 183047.86, the value of your account in dollars at the end of 20 years.