You need $$500,000$ to start a new business ten years from now. Your great uncle has given you a gift of $$150,000$ today. can you answer this on excel and show formulas please.

$($a$)$ Assuming you earn $7\%$ per year with annual compounding, how over$/$short are you of your $$500,000$ goal?

$($b$)$ Your uncle has revoked his gift because of a political comment you made during Thanksgiving dinner. If you were to make annual contributions at $7\%,$ how much will you need to contribute at the end of each year to reach your goal?