( a ) In this problem, we will now make deposits at the beginning of the year....
Fantastic news! We've Found the answer you've been seeking!
Question:
aIn this problem, we will now make deposits at the beginning of the year. The only columns we will need to interchange are the interest and deposit columns. Time and ending balance formula's stay the same. Do not change your beginning balance of $ In cell C change interest to deposit, and in cell D change deposit to interest. In cell C type in your deposit of $ Now go to D and type in your interest formula using an interest rate of Note: remember NOT to use A for time and to do remember to include both the beginning balance and deposit when figuring your interest You should have gotten $ for your interest. Now go to E and type in your ending balance formula.
What is the answer in cell E
bCarry over your ending balance for year over to the beginning balance for years Now fill down your formula's for each of the columns. The ending balance in the account after years should be $
What is your total amount in the account after years?
What is the total amount of deposits made in the account during the years?
What is the total amount of interest earned on the account during the years?
Posted Date: