Instructions: Using Financial Formulas in Excel, answer the following problems in a single Excel worksheet. Round to the nearest dollar. You must turn in an Excel document.

8. Your grandparents offered you some money via the following options. Assuming an annual interest rate of 12%, which option should you choose? Show your work. a. Receive $10,000 immediately b. Receive $1,000 at the end of each six months for seven years. This results in payments totaling $14,000. You will receive the first check in six months. c. Receive $500 at the end of each year for four years, and then $10,000 at the end of the fifth year. This results in payments totaling $12,000