Book1 A B C D E F Bank A Bank B Bank C 2 APR 4% 1% 4% 3 Periods/Yr 12 4 Rate/Period 4.00% 1.00% 0.33% 5 6 Period Amount Amount Amount 7 O $500.00 $500,00 $500.00 8 1 $520.00 $505,00 $501.67 g 2 $540.80 $510.05 $503.34 10 3 $562.43 $515.15 $505.02 11 4 $584.93 $520.30 $506.70 12 5 $525.51 $508.39 13 6 $530.76 $510.08 14 7 $536.07 $511.78 15 8 $541.43 $513.49 9 $546.84 $515.20 17 10 $552.31 $516.92 11 $557.83 $518.64 19 12 $563.41 $520.37 20 13 $569.05 $522.11 21 14 $574.74 $523.85 22 15 $580.48 $525.59 23 16 $586.29 $527.34 24 17 $529.10 25 18 $530.87 26 19 $532.63 27 20 $534.41 28 21 $536.19 29 22 $537.98 What is your final balance in Bank C after 4 years (48 months)? Which bank will maximize the return on your investment? How does the frequency of compounding affect the growth of an investment? Which has a greater impact on the rate of growth of your investment, the change from annual to quarterly compounding, or the change from quarterly to monthly compounding? To appreciate the power of your spreadsheet, try changing the annual interest rates (APR) for banks A and B so that all three banks produce the same final balance. . Then change the APRs back to 4.0% and try extending the spreadsheet to find the balances for all three banks after 6 years