Question: Use Excel please! Larry, age 21, has decided to start saving for his retirement. He plans to deposit $11,000 at the start of each of

Use Excel please! Larry, age 21, has decided to start saving forUse Excel please!

Larry, age 21, has decided to start saving for his retirement. He plans to deposit $11,000 at the start of each of the next 6 years (first deposit made today at age 21, last one at age 26)). He assumes his money will earn an average rate of return of 6.5% per year over the next 44 years. Larry plans to sit back and watch his money grow until he turns 65 (when he plans to retire). Sherry, also age 21, plans to wait until she has worked for a few years before she starts to save for her retirement. She plans to deposit $5000 a year into an account starting at age 26, making her 39th and final deposit at age 64 (no deposit is made at age 65). She will then retire at age 65. Like Larry, Sherry assumes that her money will earn an average of 6.5% per year. Sherry will deposit a total of $195,000 into her account over time, while Larry will only deposit a total of $66,000. As a result of this fact, Sherry claims she will have way more money at age 65 than Larry. To determine whether she is correct, calculate the accumulated value of each account at the beginning of each year, age 21 to 65, and then graph the results (using a line graph; both Larry and Sherrys results should be on the same graph). Who has more at age 65? (3 + 3 + 3 = 9 marks)

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