PLEASE SOLVE USING EXCEL AND SHOW THE STEPS

(a)

You have just started a new job that offers a retirement savings account. You have two options:

You can invest 5% of your monthly wages at 2% OR You can invest 4% of your monthly wages at 4%. Both are compounded monthly.

Assume that you will always make $45,000 annually, which plan will give you a better return after 25 yearsand how much will you have saved with the plan?