Question: using excel functions Complete the following without a table (round each calculation to the nearest cent as needed): 1. principal time rate of compounding interest

using excel functions

Complete the following without a table (round each calculation to the nearest cent as

needed):

1. principal time rate of compounding interest compounded NUMBER of periods compounded total amount Total interest

$ 500 1 year 8% quarterly A. ? B. ? C.?

  1. Solve the previous problem by using compound value (FV). See Table 12.1.

  2. Lionel Rodgers deposits $7,000 in Victory Bank, which pays 4% interest compounded

    semiannually. How much will Lionel have in his account at the end of 8 years?

  3. Find the effective rate (APY) for the year: principal, $8,000; interest rate, 6%; and com-

    pounded quarterly. Round to the nearest hundredth percent.

  4. Calculate by Table 12.2 what $1,800 compounded daily for 5 years will grow to at 6%.

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