Question: Instructions: Please answer the question clearly and thoroughly. Show all work/calculations in spreadsheet format. Work must be clearly shown in an excel sheet to earn

Instructions: Please answer the question clearly and thoroughly. Show all work/calculations in spreadsheet format. Work must be clearly shown in an excel sheet to earn an up-vote. Do not copy from any other answers on Chegg.

Question: Mr. Z needs to make an $8,000 balloon payment on the loan on his house eight years from now. He can earn 8 percent compounded quarterly on his money. How much money does Mr. Z need to deposit today in order to have the $8,000 he needs in eight years?

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