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Annuity question —RRSP account
so glad to join this.
I am currently preparing for CFA level 1. The question I encountered is :
currently the RRSP account has a balance of 120000, and this person wanted to start to save $8000 at the end of each year to be able to have $1500000 in 30 years . What’s the interest rate ?
I understand in the calculator input as $8000 PMT , PV 120000, N 30 years, but FV is -1500000. The answer is r= 6.54%
i don’t understand why FV Input in the financial calculator should be negative.
Could someone help explain ?