The Cosmic Avenger
Thinks s/he gets paid by the post
Every so often I decide to figure out how much LTC coverage I have NOW with my "inflation protection". I finally decided to make a spreadsheet; you're welcome to make a copy. I hadn't used the FV (future value) formula before to calculate compound interest, so I thought it might be of interest to the rest of the Forum:
=FV(rate,nper,pmt,pv)
The FV function uses the following syntax:
=FV(rate,nper,pmt,[pv])
So, for those who are Google averse, I wound up with this, and all I have to do is update the current date and it will update the last column for me:
=FV(rate,nper,pmt,pv)
The FV function uses the following syntax:
=FV(rate,nper,pmt,[pv])
- rate: interest rate
- nper: number of periods
- pmt: payment made each period (optional, if you're calculating loan amortization, I guess)
- pv: starting value
So, for those who are Google averse, I wound up with this, and all I have to do is update the current date and it will update the last column for me:
Contract start | Date to calculate | |
Date | 4/1/2007 | 12/27/2023 |
Nursing facility (month) | $4,000.00 | $9,052.02 |
Residential care (month) | $2,800.00 | $6,336.41 |
Home/community care (day) | $66.67 | $150.87 |
Lifetime maximum | $144,000.00 | $325,872.58 |