Subject: Excel for Accounting Book: Using Excel and Access for Accounting 2013 Chapter: Test Chapters 5-7, we are supposed to use the formals used in chapter 7, which are PMT, PV, and FV.

Question: After graduation, you plan to work for Mega Corporation for 10 years and then start your own business. You expect to save $5,000 a year for the first 5 years and $10,000 annually for the following 5 years, with the first deposit being made a year from today. In addition, your grandfather just gave you a $20,000 graduation gift which you will deposit immediately. If the account earns 8% compounded annually, what how much will you have when you start your business 10 years from now? Prepare a detailed worksheet showing how you came up with the answer. Hand in the excel file.