Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please assist to answer this question utilizing Excel functions. Greatly appreciated, thank you. Today is Dec. 31, 2017. You have been saving money each quarter
Please assist to answer this question utilizing Excel functions. Greatly appreciated, thank you.
Today is Dec. 31, 2017. You have been saving money each quarter over the past year, and have just made your last deposit into a bank account that pays interest of 0.5% per year, compounded quarterly. You did not have a set amount that you saved each quarterly; instead, you saved any extra income that you had for the quarter. Your savings history is given below in chronological order. Assume that you started the year with $0 in savings, and deposited your savings at the end of each quarter into a checking account beginning on March 31, 2017. 1) What is the value of your total savings today? 2) What is the dollar amount of interest that you have earned over the year? (Hint: today is time 0) Annual rate? Periodic rate? Use the appropriate formulas and Excel function to solve the problem (typed-in solutions receive 0 credit) Year Month Answer 2017 Mar 1) Total account value 2) Total dollar amount of interest earned Jun 2017 2017 2017 Savings 248.12 129.43 300.00 98.56 776.11 Sep Dec total for 2017Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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