I'm trying to solve the following problem using the Time Value of Money formulae on MS Excel and getting nowhere. Can someone please help me?
X makes monthly payments of $3500 at the end of each month for the past 10 years. The fund has a compound return of 12%. What is his accumulated corpus at the end of 10 years?
The correct answer by the book is $784,126, which matches what I am getting from putting these numbers here. The grab from the output is shown below.
If I was to use the PMT formula in MS EXCEL, how do I get the same answer?