Show the excel formulas used and answer all questions

Ex. 1 You have $5,000 in your savings account that pays 4% interest. How much will you have in your account after 20 years, a) if your bank pays annually compounded interest? b) if your bank pays monthly compounded interest? c) if your bank pays daily compounded interest? Current balance Interest Years Compounding Annually Monthly Daily a) FV b) FV c) FV Ex. 2 If you need $10,000 in 7 years and you can earn 6% on your investment, How much do you have to invest today, a) if your investment earns annually compounded interest? b) if your investment earns monthly compounded interest? c) if your investment earns daily compounded interest? Future balance Interest Years Compounding Annually Monthly Daily a) PV b) PV c) PV