Question: Set up an Excel worksheet to determine the future amount of money F that will accumulate over n years if P dollars is deposited in
Set up an Excel worksheet to determine the future amount of money F that will accumulate over n years if P dollars is deposited in a bank account earning r percent interest each year, compounded annually. Place each quantity in its own cell. Label all quantities clearly. The formula for computing compound interest is = (1 + ) where i is the annual interest rate expressed as a decimal: = /100 a) How much money will accumulate if $500 is deposited for 15 years earning 5 percent per year, compounded annually? b) How much additional money will accumulate if $500 is deposited for 15 years earning 5.5 percent per year, compounded annually? c) How much money will accumulate if $1500 is deposited for 20 years earning 5 percent per year, compounded annually? d) How much money will accumulate if $7000 is deposited for 30 years earning 6.5 percent per year, compounded annually?
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