PROBLEM $(5-10)($PLEASE ANSWER USING EXCEL FUNCTIONS$/$ CELL REFERENCES$)$

You invest $$800$ at an annual rate of $8\%$ for $12$ years. How much more interest would you earn with compound interest than with simple interest for $($a$)$ the whole $12$ years; and $($b$)$ in just year $7$ by itself?

COMPOUND VS$.$ SIMPLE INTEREST

ANNUAL RATE

AMOUNT TODAY

ENDING YEAR

SINGLE YEAR WITHIN FULL PERIOD

TOTAL INTEREST FOR FULL PERIOD

SIMPLE INTEREST FOR EACH AND EVERY YEAR

SIMPLE INTEREST FOR FULL PERIOD

MORE COMPOUND INTEREST THAN SIMPLE FOR FULL PERIOD

COMPOUND INTEREST FOR SINGLE YEAR WITHIN FULL PERIOD

MORE COMPOUND INTEREST THAN SIMPLE FOR SINGLE YEAR

$8\mathrm{.}00\%$

$$800\mathrm{.}00$

$12$

$7$