Please show answers and formulas in excell

2. After graduation you will be hounded by insurance agents interested in selling you "whole life or universal life" insurance. Assume (realistically) that there is a plan which you pay $500 per month for 20 years, and then you have your ($100,000 life insurance policy "paid up for life (you never have to pay any more premiums, but you are guaranteed a $100,000 payout when you die). You make the first payment right now, and then at the end of each month for a total of 240 payments. You want to compare the value of that plan to buying term insurance which costs you $112 per month for a $100,000 policy with the rate guaranteed for 20 years in other words you would pay the $112 monthly premium for 20 years, then drop the policy and your coverage would end). The relevant comparison is to look at investing the difference (between the $500 and the $112) and see how long it would take you to accumulate the $100,000 in an account so you could self- insure". Assume you can earn 7.5% (annual) on the invested difference (but remember you are investing and compounding monthly). How long will it take you to accumulate $100,000? How much will you have accumulated at the end of 20 years? Solve the problem using the Brute Force Method for finding Future Values" in a spreadsheet. Should you buy the universal life, or buy the term insurance then self-insure