$(8$ points $-$ Future Value$)$ In your $401($k$)$ retirement plan $-$ your salary is deducted and saved towards your

retirement, if this saving amount is $$1,000$ per month for $30$ years that you plan to work. The rate of return is

$8\%$ per year.

$($a$)(3$ points$)$ Write down the equation that would compute the total amount you will have in your

retirement.

$($b$)(2$ points$)$ How much would the first $$1,000$ you save be worth in $30$ years from now. $($Caution: Monthly

compounding$)$

$($c$)(3$ points$)$ Use Excel to compute the total amount you will have in $30$ years from now. What is the

formula used?