For this assignment, you need to create an Excel workbook that will calculate the amount of money saved after x months if you deposit $200 each month and earn 6% APR (compounded 0.5% monthly).

That is, create an Excel workbook with two columns. The left column is how many months you have been saving. The second column is the amount saved.

The first row should be:

Months Amount Saved

1 200

Then for the Months column, make each row increase the # of months by one. For the Amount Saved Column use the following equation:

new value = previous row * 1.005 + 200

This will calculate you earning 0.5% interest on your previous savings and then save an addition $200 from your paycheck.

Once you have the formula working, drag down to get to 120 months and see how much you will have saved at the end of 10 years. Just round to the nearest cent at the end of 120 months.

Then give your answer here. If you do not have Excel/another spreadsheet program available, then solve this by hand.