Question
In this problem, your interest is compounded semi-annually. In B6, type in your beginning balance of $1000.00 . Locate C6 and type in your interest
In this problem, your interest is compounded semi-annually. In B6, type in your beginning balance of $1000.00 . Locate C6 and type in your interest formula (not interest rate) using an interest rate of 8.00 % . 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 $ 1040.00. What formula did you use in C6? This is all done in Excel
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started