excel

Instructions

Problem Scenario: You have $2,000 that you want to put into a savings account. You would like to compare the accumulated balance you'll have in you account after different periods of time, and with different APRs.

Instructions: 1. Navigate to the sheet titled "Questions" to see the template to fill in. You will input your answers on this sheet. 2. In cells D6 and D12, calculate the accumulated balance you would have in your account if interest were paid once a year. 1 For D6, use the principal, APR, and number of years as given in cells A5:C6. 1 For D12, use the principal, APR, and number of years as given in cells A11:C12. Hints: Ø You will use a formula we learned from section 4B in the textbook. Ø Be sure to link to the cells with principal, APR, and number of years -- do not manually type these numbers Ø You will need to use parentheses to ensure Excel calculates according to the mathematically correct order of operations. Ø Format D6 and D12 appropriately with the correct number of decimal places to represent the information. 1. In cells B22:G31, calculate the accumulated balance you would have in your account if interest were paid once a year with principal as given in cell A18, and with the corresponding APR and Y as given in cells A22:A31 and B21:G21 respectively. Hints: 1 Write your formula for cell B22 first. This should have APR=1% (cell A22) and Y=1 (cell B21). If you've done it correctly, you'll get the same answer in cell B22 as you got in cell D6. 1 Your goal then is to use Excel's "autofill" feature to drag your formula down and across to the remaining cells of the table. To do this, you will need to add dollar signs ($) to your formula so that you use both mixed and absolute cell references. 1 Which parts of your formula should stay the same throughout the whole table? How do you add dollar signs ($) to a cell reference so it never changes? 1 Which parts of your formula should change when you autofill across? Where do you add the dollar sign ($) to a cell reference so it changes when you fill across, but not down? 1 Which parts of your formula should change when you autofill down? Where do you add the dollar sign ($) to a cell reference so it changes when you fill down, but not across? 1 If you've entered and auto-filled everything correctly, your answer in cell G31 should be the same as in cell D12. 1 Format the cells appropriately and with the correct number of decimal places to represent the information. 2. In cells N6 and N12, calculate the accumulated balance you would have in your account if interest were paid n times per year. 1 For N6, use the principal, APR, n, and Y as given in cells J5:M6 1 For N12, use the principal, APR, n, and Y as given in cells J11:M12 Hints: Ø You will use a different formula from steps 2-3, but also one learned in section 4B of the textbook. Ø Follow the same guidelines as in step 2 -- use parentheses, format the cells appropriately, and link to the cells with principal, APR, n, and Y. 1. In cells K22:P31, calculate the accumulated balance you would have in your account if interest were paid n times per year with principal as given in cell J18, n as given in cell K18, and with the corresponding APR and Y as given in cells J22:J31 and K21:P21 respectively. Hints: 1 Write your formula for cell K22 first. If you've done it correctly, you'll get the same answer in this cell as you got in cell N6. 1 Again, use Excel's "autofill" feature, by putting both mixed and absolute cell references into your formulas. 1 If you've entered and auto-filled everything correctly, your answer in cell P31 should be the same as in N12. 1 Format the cells appropriately and with the correct number of decimal places to represent the information. CAUTION: You will not get credit if you manually type in numbers. You must have formulas which link to the appropriate cells. For the tables, your formulas must also have dollar signs ($) in the cell references to get full credit. DONT' FORGET: Format cells D6, D12, B22:G31, N6, N12, and K22:P31 appropriately and with the correct number of decimal places to represent the information.

Questions