"Count", "Date", "Interest this period", and "Total". As depicted below. 8 Timestep in years Rate center timestep center your rates 5 6 Count 0 1 Date 30-Sep-16 Interest this period Total $ center your total You will begin with the count at 0, and the date of Sept 30, 2016. For that first row, the "Interest this period" is zero, and the total is $31,000 CAD. Above the columns, put the label "rate", and in the cell below that, enter your periodically compounding rate of 7%. Put the label "Timestep in years and in the cell below that, enter =1/4. For each subsequent row of the table, use formulas to set the count equal to one more than the previous count, and set the date equal to the previous date plus 365*[the value in the timestep cell). The "Interest this period" is the "Total" from the previous "Date", times the "rate" cell, times the "timestep" cell. The "Total" for each row is the Total from the previous row plus the "Interest this period". Make sure that you use dollar signs for absolute addresses where appropriate in order to be able to copy these formulas to later rows. Copy that new row, and paste it into the rows below it so that the count goes to at least 100. You can validate your spreadsheet by checking that the total comes out right if the interest rate and initial total from a previous question is used with a timestep of 1. Don't forget to restore the timestep and rate to the values for this problem when done. What is the date that Excel shows for the row whose count is 100? (Copy and paste the content of that cell into the answer box below.) (b) What is the interest eated for the period with count 667 Suppose that you are planning to buy a boat in in 16 years [cell B3] for $100,000 (cell B2), and you deposit int your account the amount of $23,000 CAD (cell B1) B 1 Present value 2 Future value 3 Years 4 5 Annual rate 6 (a) What average annually compounding rate of return (as a percentage, correct to 2 decimals) should you earn so you can accumulate the lump sum needed to achieve your goal (cell B5]? Use the RATE functions (Note: You might have to modify the format of cell B5 so that it shows 2 decimals.) (b) What is the correct formula (using 18 characters or less) that should be placed in cell BS? Note: There are to be NO numbers in the function call (apart from a 0 if appropriate), only cell references, or negative cell references where appropriate. "Count", "Date", "Interest this period", and "Total". As depicted below. 8 Timestep in years Rate center timestep center your rates 5 6 Count 0 1 Date 30-Sep-16 Interest this period Total $ center your total You will begin with the count at 0, and the date of Sept 30, 2016. For that first row, the "Interest this period" is zero, and the total is $31,000 CAD. Above the columns, put the label "rate", and in the cell below that, enter your periodically compounding rate of 7%. Put the label "Timestep in years and in the cell below that, enter =1/4. For each subsequent row of the table, use formulas to set the count equal to one more than the previous count, and set the date equal to the previous date plus 365*[the value in the timestep cell). The "Interest this period" is the "Total" from the previous "Date", times the "rate" cell, times the "timestep" cell. The "Total" for each row is the Total from the previous row plus the "Interest this period". Make sure that you use dollar signs for absolute addresses where appropriate in order to be able to copy these formulas to later rows. Copy that new row, and paste it into the rows below it so that the count goes to at least 100. You can validate your spreadsheet by checking that the total comes out right if the interest rate and initial total from a previous question is used with a timestep of 1. Don't forget to restore the timestep and rate to the values for this problem when done. What is the date that Excel shows for the row whose count is 100? (Copy and paste the content of that cell into the answer box below.) (b) What is the interest eated for the period with count 667 Suppose that you are planning to buy a boat in in 16 years [cell B3] for $100,000 (cell B2), and you deposit int your account the amount of $23,000 CAD (cell B1) B 1 Present value 2 Future value 3 Years 4 5 Annual rate 6 (a) What average annually compounding rate of return (as a percentage, correct to 2 decimals) should you earn so you can accumulate the lump sum needed to achieve your goal (cell B5]? Use the RATE functions (Note: You might have to modify the format of cell B5 so that it shows 2 decimals.) (b) What is the correct formula (using 18 characters or less) that should be placed in cell BS? Note: There are to be NO numbers in the function call (apart from a 0 if appropriate), only cell references, or negative cell references where appropriate
