Berk/DeMarzo, Corporate Finance

Annuity Spreadsheet
Instructions
N I/Y PV PMT FV Excel Formula
Given 15 8.00% -20,000 0
Solve For FV 63,443 =FV(0.08,15,0,-20000)
Date 0 1 2 15
PV (20,000)
PMT 0 0 ... 0
FV 63,443
Cash Flow (20,000) 0 0 63,443
Enter 4 of the items N, I/Y, PV, PMT, or FV in the shaded area below, and the annuity calculator will
solve for the fifth item. The solution will be such that the cash flows shown on line 14 have NPV = 0.
Note that PV, PMT, and FV are initially set to round to the nearest dollar. To change this default, right
click and select "Format Cells > Number > Decimal Places" and enter the desired precision.
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