MEWC
FMWC
TAC
EEO
TASK
In this Challenge, you will calculate how much you need to save every two weeks to meet a future savings goal (for example, to attend the Active Cell conference and MECC Finals in Las Vegas, Nevada). Savings funds for a specific purpose are often referred to as “sinking funds.” From an Excel perspective, you will learn some basic modeling techniques and several useful functions. From a personal finance perspective, you will learn how to model a savings account and calculate simple interest rates. For this Challenge, to get a periodic interest rate, divide the annual interest rate by the number of periods in the year. For example, to get a monthly rate, divide the annual interest rate by 12. Use this model to guide your own savings and join us in Las Vegas at the end of the year!
WALKTHROUGH VIDEO PROVIDED BY DAVID BROWN
In this tutorial, David explains how to calculate the saving amount required to meet specific saving goals in the future.
You will learn how to:
- model savings account – calculate simple interest rates
- calculate periodic rates
- calculate monthly rates