HOMEWORK \#8 Due June 20, 11:59 pm 10 points Instructions: Using Financial Formulas in Excel, answer the following problems in a single Excel worksheet. Round to the nearest dollar. You must turn in an Excel document. 1. What is the balance in an account at the end of 10 years if $5,500 is deposited today and the account earns 4% interest compounded annually? 2. How much interest is earned in an account by the end of 4 years if $32,000 is deposited at the beginning of year 1 and interest is 12% per year, compounded annually? 3. How much interest is earned in an account by the end of 4 years if $32,000 is deposited at the beginning of year 1 and interest is 12% per year, compounded quarterly? 4. How much interest is earned in an account by the end of 4 years if $32,000 is deposited at the beginning of year 1 and interest is 12% per year, compounded monthly? 5. If you wish to accumulate $60,000 in 5 years, how much must you deposit today in an account that pays annual interest rate of 4%, compounded annually? 6. If you wish to accumulate $60,000 in 5 years, how much must you deposit today in an account that pays annual interest rate of 4%, compounded quarterly? 7. Your grandparents offered you some money via the following two options. Assuming an annual interest rate of 6%, compounded annually, which option should you choose? Show your work. a. Receive $6,000 immediately b. Receive $7,000 in 6 years