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The tables in books.mdb represent books, their authors and the chapters and pages in each of of the books.
(20 pts) A bank advertises a savings account with an annual percentage rate (APR) of 5% compounded monthly. What this means is the interest is computed each month based on the current balance and added to the current balance resulting in a higher new balance. Then when the next month comes, the interest is computed on this balance and added to the balance to obtain yet a higher new balance. For example, suppose the initial deposit is $1000.00.
Complete the Compound Interest spreadsheet in the provided exam2.xls workbook to model the above problem and compute the monthly earned interest, the ending balances and the cumulative earned interests for the first 36 months for a given initial deposit.