EXCEL Questions. Develop your answers for each question on a separate tab and submit a single EXCEL file. Put your final answer for each question in the Answer Document and submit.

4. A loan of $2,000,000 from the Bank is to be repaid by a fixed amount $Y at the end of each year for twenty years. The Bank charges an annual effective rate of 8% on the loan. (a) Find the value of Y. In your spreadsheet, show the account balance at the end of each year, right after the yearly repayment. [2 mark] (b) Interest rate has increased to 14% per annum effective right after the 12th repayment, what will the new (yearly) repayment amount be if the borrower still wants to pay off the loan according to the original schedule? Show the account balance at the end of each year, right after the yearly repayment [3 marks]