Using Financial Formulas in Excel, answer the following problems in a single Excel worksheet. Round to the nearest dollar. You must turn in an Excel document.

1. What is the balance in an account at the end of 10 years if $5,500 is deposited today and the account earns 4% interest compounded annually?

2. How much interest is earned in an account by the end of 4 years if $32,000 is deposited at the beginning of year 1 and interest is 12% per year, compounded annually?

3. How much interest is earned in an account by the end of 4 years if $32,000 is deposited at the beginning of year 1 and interest is 12% per year, compounded quarterly?

4. How much interest is earned in an account by the end of 4 years if $32,000 is deposited at the beginning of year 1 and interest is 12% per year, compounded monthly?

5. If you wish to accumulate $60,000 in 5 years, how much must you deposit today in an account that pays annual interest rate of 4%, compounded annually?

6. If you wish to accumulate $60,000 in 5 years, how much must you deposit today in an account that pays annual interest rate of 4%, compounded quarterly?

7. Your grandparents offered you some money via the following two options. Assuming an annual interest rate of 6%, compounded annually, which option should you choose? Show your work. a. Receive $6,000 immediately b. Receive $7,000 in 6 years

Please include the proper excel formulas to input as well! Thank you!