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3. (20 points) You plan to study for an MBA in four years. You think that you can make an annual deposit of $5,000 into
3. (20 points) You plan to study for an MBA in four years. You think that you can make an annual deposit of $5,000 into your savings account at the end of each of the next four years. The interest rate (APR) is 11%. 1) (4 points) Is it an ordinary annuity or annuity due? 2) (6 points) What is the ending balance in Year 4? Complete the table. 3) (10 points) You think that you can increase your deposit by 2% each year since your salary is expected to grow at 2% per year. What should be your initial deposit in order to have $30,000 at the end of year 4? Use the Goal Seek function to find the initial deposit (x). o (3 points) Provide your three inputs for the Goal Seek. Set cell: To value: By changing cell
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