# What is the future value?

Solve the following financial problems using the time value of money functions in Excel (PV, FV, PMT, NPER, RATE, EFFECT) OR using your financial calculator.Assume you deposit \$3,000 today, and \$300 at the end of each year, in an account earning 4% per year for 20 years. What is the future value?General Electric has an unfunded pension liability of \$300 million that must be paid in 15 years. The CFO deposits \$10 million in account today to help meet this goal, and will also deposit \$8 million at the end of the next 15 years, to meet this liability. What annual rate of interest must the account earn to meet the liability?What is the present value of an ordinary annuity that promises \$20,000 per year for 20 years if the appropriate discount rate is 5%?What is the present value of an annuity due that promises \$20,000 per year for 20 years if the appropriate discount rate is 5%?What is the future value of an ordinary annuity that promises \$60,000 per year for 10 years if the appropriate interest rate is 4%?What is the future value of an annuity due that promises \$60,000 per year for 10 years if the appropriate interest rate is 4%?You recently received a credit card that quotes an annual percentage rate (APR) of 24%. The card requires monthly payments. What is the effective annual rate (EAR)?
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