Good day, can you please check if I answer below questions correctly. please explain if I got it wrong.
How much $400.43 be worth if invested it at an annual real interest rate of 1% (with monthly compounding) for 47 years?
FV = 400.43 x (1+0.01/12)47*12 = 640.56
How about I invest five dollars per month in a bank at 1% real interest rate with monthly compounding, how much would you have at the end of the first year?
Fvpmt($5, 1%, 12) = 5 x ((1+0.01)12/0.01) = 63.41