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 2 (annuity) You will need $95,000 at the end of each of the next 8 years, and your parents will deposit a sum of money sufficient to provide you with the needed 8 withdrawals (i.e., $95,000 each). Your bank will be paying 4.00% annual interest. a) How large of a deposit must your parents make today? (1 point) b) How much will you have in the account immediately after you make the withdrawal in Year 3?(1 point) c) How much will you have in the account immediately after you make all the withdrawals including the last one in Year 8? (1 point) d) Suppose that you are making no withdrawal at all over the 8-year period. How much will you have in the account at the end of Year 8? (1 point)