6 The following portion of a spreadsheet can be used to explore how OseolaMcCarty (page 266) could have saved $150,000 in 75 years. To limit the size ofthe spreadsheet, it is assumed that savings and interest on her bank accountwere deposited only once each year and that the deposit was made at the endof the interest period. This is only the start of the complete spreadsheet.12345AYear0=A2+1=A3+1=A4+1BBank Balance25=(1+C$4) B2+C$2=(1+C$4)*B3+C$2=(1+C$4)*B4+C$2CYearly Savings100Interest Rate (APR)0.05a. Study the beginning of the spreadsheet and discuss with a partner whateach cell and formula represents. How do the formulas indicate that eachannual deposit is made at the end of the interest period?b. Then extend the sheet to cover 75 years. Does this choice of beginningbalance, yearly savings, and interest rate result in $150,000 saved after75 years?c. Experiment with changes in the entries for initial deposit, yearly savingsamount, and interest rate. Give four combinations of beginning balance,yearly savings amount, and interest rate that could produce $150,000 in75 years.d. What other factors should be considered if your analysis is to reflect theprobable pattern of Miss McCarty's savings and interest earnings? Showhow the spreadsheet formulas could be adjusted to account for those factors.

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6 The following portion of a spreadsheet can be used to explore how Oseola McCarty (page 266) could have saved $150,000 in 75 years. To limit the size of the spreadsheet, it is assumed that savings and interest on her bank account were deposited only once each year and that the deposit was made at the end of the interest period. This is only the start of the complete spreadsheet. 1 2 3 st 4 51 A Year 0 B Bank Balance 25 =A2+1=(1+C$4) B2+C$2 A3+1 =(1+C$4)*B3+C$2 A4+1 =(1+C$4) B4+C$2 C Yearly Savings 100 Interest Rate (APR) 0.05

6 The following portion of a spreadsheet can be used to explore how Oseola McCarty (page 266) could have saved $150,000 in 75 years. To limit the size of the spreadsheet, it is assumed that savings and interest on her bank account were deposited only once each year and that the deposit was made at the end of the interest period. This is only the start of the complete spreadsheet. 1 2 3 st 4 51 A Year 0 B Bank Balance 25 =A2+1=(1+C$4) B2+C$2 A3+1 =(1+C$4)*B3+C$2 A4+1 =(1+C$4) B4+C$2 C Yearly Savings 100 Interest Rate (APR) 0.05

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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