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 $2,500 is deposited today and the account earns 4% interest compounded annually?

2. How much interest is earned in an account by the end of 3 years if $25,000 is deposited at the beginning of year 1 and interest is 8% per year, compounded semi-annually?

3. If you wish to accumulate $40,000 in 6 years, how much must you deposit today in an account that pays annual interest rate of 4%, with quarterly compounding of interest?