Refer to the above screenshot relating to a savings schedule. To calculate the total interest paid up to the end of year 5, we are best to use: Select one: a. =PMT(0.06,A$11,-B3) b. =CUMIPMT(0.06,10,0,0,5,1) c. =CUMIPMT(0.06,9,10000,1,5,0) d. =SUM(C3:C7)

2 Year Savings account Balance New beginning Interest deposit end Balance end of year at 6% p.a of year of month 1 $10,000.00 $ 600.00 $10,000.00 $ 20,600.00 2 $20,600.00 $ 103.00 $10,000.00 $ 30,703.00 3 $30,703.00 $ 153.52 $10,000.00 $ 40,856.52 4 $40,856.52 $ 204.28 $10,000.00 $ 51,060.80 5 $51,060.80 $255.30 $10,000.00 $ 61,316.10 6 $61,316.10 $ 306.58 $ 10,000.00 $ 71,622.68 7 $ 71,622.68 $ 358.11 $10,000.00 $ 81,980.80 8 $81,980.80 $ 409.90 $10,000.00 $ 92,390.70 9 $92,390.70 $ 461.95 $10,000.00 $ 102,852.65