Question: Please include work plugged in excel function. show the functions used to solve please ! B C D E F Part A. Having won first
B C D E F Part A. Having won first prize in a financial modeling challenge, you will be rewarded $200 each year for the next 4 years. All payments will be made at the beginning of every year. If you decide to deposit each cash reward in your savings account that pays 2% interest, how much is your account balance at the end of the 4th year? You could either use the table provided below or use an Excel function. 3 Interest rate 2% + Beginning Balance of the Interest earned Balance at the end 5 Year year Payment during the year of the year 6 1 0 200 7 2 200 8 3 200 9 4 200 10 11 Part B. What if your reward is $200 for the next year, $300 for the 2nd year, $400 for the 3rd year, and $500 for the 4th year, how much will your account balance be at the end of the 4th year? All payments will still be made 12 at the beginning of every year. 13 14 Interest rate 2% 15 Beginning Balance of the Interest earned Balance at the end 16 Year year Payment during the year of the year 17 1 0 200 18 2 300 19 3 400 20 4 500 21
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
