Question
(a) In this problem, your interest is compounded semi-annually. In B6, type in your beginning balance of $100.00 . Locate C6 and type in your
(a) In this problem, your interest is compounded semi-annually. In B6, type in your beginning balance of $100.00 . Locate C6 and type in your interest formula (not interest rate) using an interest rate of 5.00 % . Remember that interest is Principal * Rate * Time. You must start the formula with the = sign, locate the cell that has principal and multiply it times your interest rate then multiply it times the amount of time that passes between each period. Do not use the A column for time. Then type in your ending balance formula. You should have gotten $ 102.50. What formula did you use in C6? (=P*R*T order and format, use x.xx format for rate, do not use fractions) (b) Carry over your Ending Balance to the Beginning Balance. Then fill down your Beginning Balance, Interest, and Ending Balance columns. At the end of 25 years you should get $343.71 as your answer for ending balance. How much is in the account at the end of (use x.xx) 10 years $ 50 years? $ (c) What is the TOTAL amount of interest earned on the account through the end of: (use x.xx) : 10 years $ 50 years $
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