Please Explain and Show the Formulas

- Open a blank Excel workbook (i.e., do not use class exercise template) to perform your calculations. As I said in class, keep a data-entry section and calculation cells separated. - Click "Homework Assignments Ch _" and upload your completed Excel file. No submission will be accepted beyond the deadline. - Your Excel file needs to be named to reflect your name and the assignment number. For example, I may name my file for Assignment \#1 "nishi_hiro_A1." - Format your answers to two decimal places. In each question, highlight the cell of the you answer in yellow (e.g., $812.51,12.35% ). - Solutions will not be presented during the semester. Instead, we will go over some of the key problems in the exam review session(s). Question 1 (PV \& FV) You opened a saving account and made a lump sum deposit 16 years ago. Suppose that the balance of this account is $260,000 now. a) If the account has been earning 6% compounded annually, how much did you initially deposit 16 years ago? ( 1 point) b) If the account has been earning 6% compounded annually, what will the balance be in 5 years from now? (1 point)