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please explain using excel! thank you 8. You just won some money in the lottery and would like to save a portion of it so
please explain using excel! thank you 8. You just won some money in the lottery and would like to save a portion of it so that you will have $50,000 to put a down payment on a house in five years. Your bank pays a 5% rate of interest. How much money will you have to set aside from the lottery winnings? 9. How much will $25,000 grow in five years at a 5% annual rate that is compounded quarterly? 10. You are considering four possible options for your new savings account. You plan to deposit $13,000 and leave this amount in the account for 20 years with no additional deposits or withdrawals. All of these account options would earn 6% interest, but each one has a different compounding frequency, listed below. What would be the value of each account at the end of the 20 year period? 1. Annually 2. Semiannually 3. Quarterly 4. Monthly
please explain using excel! thank you
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