• Open a new (fresh) excel workbook to perform you calculations and make sure you highlight each final answer.

a.Nineteen years ago your parents opened a saving account in your name and made a lump sum deposit, today the balance of this account is $260,000.If the account has been earning 6% compounded annually, how much did your parents initially deposit?

b.Nineteen years ago your parents deposited an amount in your saving account earing 6% annually, today the balance of this account is $260,000.If the account is expected to continue earning 6% annually, what will the balance be in 5 years?

c.Nineteen years ago your parents deposited an amount in your saving account, today the balance of this account is $260,000.If the account has been earning 6% compounded monthly, how much did your parents initially deposit?

d.Nineteen years ago your parents deposited an amount in your saving account, today the balance of this account is $260,000.If the account has been earning 6% compounded continuously, how much did your parents initially deposit?

e.Nineteen years ago your deposited $200,000 in your saving account, today the balance of this account is $260,000.Calculate the annual rate of return earned on this account.