Question: Using a spreadsheet , solve Tracys problem of how often to go to the ATM when the nominal interest rate on her bank account is

Using a spreadsheet, solve Tracys problem of how often to go to the ATM when the nominal interest rate on her bank account is 10 percent, she spends $30 each day, it costs her $0.50 each time she uses the ATM, and she thinks that there is a 15 percent chance that she will lose her cash or have it stolen.

Under these conditions, how often does Tracy go to the ATM, and how much cash does she take out each time?

Your sheet will be formatted like figure 11.1 on page 226. In column A, list the Frequency of Visits (T days) for 10 days. In column B, list the Amount Withdrawn (=T x $30). In column C, use the equation from page 225 to calculate Total Annual Cost of going to the ATM. Use formulas for these calculations - you should not need a calculator for this assignment. Find the day with the lowest annual cost - this is your answer.

(You will not receive full credit without showing your work. Please do not submit a PDF for this assignment - I would like to see a .xls, .numbers, or a Google Sheet.)

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