Create an Excel sheet with the following headings:

You are to start with an initial deposit of $23,000. Your Total will earn interest each quarter at a rate that will appear in cell C3. At the end of each year, you will put in an additional deposit of:

- $1000 at the end of the first year

- $2000 at the end of the second

and so on until you deposit

- $20,000 at the end of year 20

The Total after 20 years in cell G3 will be set equal to the cell at the bottom of the table that contains the Total immediately after you deposited that last $20,000.

The quarterly compounding interest rate that you will earn will be a random number chosen by Excel in cell C3. In C3 you are to enter: =1.47% + 3%*rand() The function rand() selects a random number from a uniform distribution between 0 and 1.

If you press recalculate a few times (F9 on PCs), you should see different possible outcomes appear in cell G3 depending on the quarterly interest rate that the investment realized over those 20 years.

You are to create a macro to record 500 random outcomes from cell G3, and save them in a column of cells beginning at G8 and going down. Instructions for creating the Macro are here.

When you have the 500 outcomes in column G, have excel compute the maximum of those 500 numbers, the minimum, and the median.

(a) What is the maximum value that you achieved?

(b) What is the minimum value that you achieved?

(c) What is the median value that you achieved?

Answer correct to 2 decimals