Part (a) It is said (S. Branch Walker) that the Indian who sold Manhattan for $40 was a sharp salesman. lf he had put his $40 away at 5% compounded semiannually, it would now be worth over $7 billion, and he could buy most of the now-improved land back! Assume that this seller invested on January 1, 1701, the $40 he received. (Round your answers to the nearest whole dollar amount and not in millions.) Required: 1. Use Excel to determine the balance of the investment as of December 31, 2015, assuming a 5% interest rate compounded semiannually. (Hint: Use the FV function in Excel.) Balance of the investment 2. Use Excel to determine the balance of the investment as of December 31, 2015, assuming an 6% annual interest rate, compounded semiannually. (Hint: Use the FV function in Excel.) Balance of the investment 3. What would be the balances for requirements 1 and 2 if interest is compounded quarterly? Balance of the Investment 5% interest rate compounded quarterly 6% annual interest rate, compounded quarterly