(30 points) This is an expansion of the compound interest example we did in lecture 1, where we used a\ spreadsheet to determine the future amount if interest is compounded annually. I go to a bank to get a small\ business loan of $6,000. The interest is 7% annually, and I expect to repay the loan 3 years from now.\ (Please submit your spreadsheet for part a)\ a. Using a spreadsheet, find the amount I will have to repay if the loan is compounded\ i. Annually (just repeat the steps from lecture 1)\ ii. Monthly (the interest rate is divided into 12 equal parts/year)\ iii. Daily (the interest rate is divided into 365 equal parts/year)\ b. Comment on how the amounts vary from i to ii and from ii to iii and why you think that is.\ 2\ c. Without using a spreadsheet, can you generalize this process so that we can directly find the\ amount I have to repay in each case? In other words, derive the equation ? = ?(1 + ?)? by using P,\ Pi and P(1+i) as the beginning of period balance, interest accrued this period and end of period\ balance, respectively, for the first period. Using that equation, find the amount I will have to repay if\ the loan is compounded\ i. Annually\ ii. Monthly