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Please help with #13, in excel. Use template the answers to parts a and b above assuming that the rate is 7%. 13. (FV annuity)
Please help with #13, in excel. Use template
the answers to parts a and b above assuming that the rate is 7%. 13. (FV annuity) Michael is considering his consumption hab out how to save money. He realizes that he could save ordering regular coffee instead of latte at the local coffee shop. a cup of coffee every work day (5 days a week), every year), this works out to be quite a sum. consumption habits, trying to figure zes that he could save $10 every week by the local coffee shop. Since he buys of day (5 days a week), every week (52 weeks a If Michael is 25 today and retires at age 65, how much money w accumulated from savings on coffee versus latte? Assume that cekly interest rate is 0.1% and that the savings occur at the end of each week. der was astounded at the answer to part a of this problem. He realized he had more wasteful habits, and he made a list of possible savings to see how much richer he could be at age 65. What are the rewards to Michael's frugality? BC 10 Exercise 13 b 11 Weekly interest rate =FV($B$11,52,-B15) 0.10% Item Weekly Yearly / savings savings Future value at age 65 533.48 15 Latte versus regular coffee 16 Deli versus brown bag lunch 17 Excess alcohol 18 Cigarettes 19 Candy 20 Excess junk food 121 Cell phone (chat vs. needed calls) 22 Wasted groceries 23 Restaurant: fast food vs. eat at home 24 Wasted energy: heat, AC, lights 5 Movies versus books 5 Expensive cable TV Wasted gasoline on excessive trips, etc. Wasteful spending at mall Money saved by time Michael is 65 10.00 25.00 10.00 11.00 5.00 10.00 6.00 7.00 30.00 12.00 10.00 13.00 8.00 10.00 167.00 A B MICHAEL SAVES MONEY 2 Exercise 13 a 3 Weekly interest rate 0.10% 4 Weekly latte savings 10.00 5 Years until age 65 40Step by Step Solution
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