Your parents just gave you $10,000 to be saved for a down payment on a home. You agree to save an additional $500 each month for the next three years in an investment account that compounds interest monthly. How much will you have saved at the end of three years assuming the annual interest rate is (a) 5% compounded monthly, (b) 7% compounded monthly, or (c) 9% compounded monthly? Formulas should include the =FV function and return a POSITIVE value. Initial investment Additional amount invested at the end of each month Term of investment (years) Compounding periods per year Interest rate 5% compounded monthly 7% compounded monthly 9% compounded monthly $10,000 $500 3 12 Future Value

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