Using Excel and all formulas.Time valuePersonal Finance ProblemYou have

$1 comma 6001,600

to invest today at

99%

interest compounded annually.a.Find how much you will have accumulated in the account at the end of (1)

44

years, (2)

88

years, and (3)

1212

years.b.Use your findings in part a to calculate the amount of interest earned in (1) the first

44

years (years 1 to

44),

(2) the second

44

years (years

55

to

88),

and (3) the third

44

years (years

99

to

1212).

c.Compare and contrast your findings in part b.Explain how the amount of interest earned changes in each succeeding

4 dash year4-year

period.

a.(1) At the end of

44

years, the amount you will have accumulated is

$nothing.

(Round to the nearest cent.)