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Scenario:
Liam is saving for a down payment on a house. He’s currently working o
Scenario:
Liam is saving for a down payment on a house. He’s currently working online and independently managing his finances. Let’s help him figure out how much he’ll have saved by the end of year 3!
Information:
Liam has $35,000 saved already.
He expects a bonus of $12,000 at the end of year 1.
He plans to increase his monthly savings contributions starting in year 2.
He’ll contribute $2,000 per month in year 2 and year 3, totaling $24,000 per year.
Liam will invest all his savings in a mutual fund with a steady 5% annual return compounded yearly. (Compounded interest means interest is earned on both the initial investment and the accumulated interest from previous years.)
Goal:
Calculate how much money Liam will have in his account at the end of year 4 assuming he sticks to his savings plan and the investment performs as expected.
Use Microsoft Excel:Open Microsoft Excel and create a new spreadsheet.
Use the provided information about Liam’s savings plan to create a table similar to the one in the video that tracks his contributions each year.
Calculate Future Value:Remember, the interest is compounded annually. Use Excel’s built-in functions or formulas to calculate the future value of Liam’s savings at the end of each year.
There are helpful Excel tutorials online that explain how to calculate future value with compound interest.
Organize and Present Your Work:Make sure your Excel sheet is easy to understand. Include clear labels for rows and columns and any necessary formulas you used.
Do you need this or any other assignment done for you from scratch?
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.