Excel RATE function | Scottish woman's $3 bank account becomes $335 after six decades

A Scottish woman checked her bank account after six decades. Her grandmother's $3.35 initial deposit, made back in the 1950s, has grown to $335. While visiting her grandmother, her grandmother opened an account for her in TSB Bank in 1954. I became curious, we know her initial deposit, and we see the balance now is $335 after 68 years. No additional payments were made. I was wondering what annual interest rate did she earn? Excel's RATE function gave me the answer. It was slightly over 7%.

This shows the power of compound interest.

Chapters:
0:00 Intro
0:55 RATE Function
2:55 Fill Series
3:43 3D Reference

RATE Function in Excel
RATE(nper, pmt, pv, [fv], [type], [guess])
The Rate Function has six arguments. In my video, I used 3 of the arguments.

#msexcel #compoundinterest #chrismenard #chrismenardtraining #microsoftexcel

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Видео Excel RATE function | Scottish woman's $3 bank account becomes $335 after six decades канала Chris Menard