Type the Excel function for $3,000 at 6 % for 5 years, compounded monthly, adjusting both arguments inline.

Answer

=FV(0.06/12,5*12,0,-3000)

rate 0.06/12 = 0.005 and nper 5×12 = 60, written inline so the marker — and you — can see both adjustments. Returns 4,046.55.

Bigel, Introduction to Financial Analysis (CC BY 4.0) §10.4 (“p occurs twice”) — shape only; original scenario