pls do it on excel 4. This question deals with a daily interest account. These are bank accounts tha
pls do it on excel
4. This question deals with a daily interest account. These are bank accounts that calculate interest daily using simple interest (calculated on the minimum daily balance), and then, at the end of each month, the calculated interest is added to your account. Below are 4 scenarios for which you will need to calculate the final balance in the account at the end of the day on December 31, along with calculating the total interest earned during the year. Be sure to show the interest that was calculated for each month and your accumulated balance at the end of each month. (2.5 for each scenarios = 10 marks total) What you need to do is set up your spreadsheet to solve for the first scenario, but set it up in such a way that all you need to do is change the amount of the initial investment, the amounts of the deposits/withdrawals, and the interest rates for the other three scenarios and your values should change automatically (note: I have kept the exact same dates – that makes the question a bit easier, as changing the dates would require a bit more work to make your spreadsheet be able to change the values when the dates changed).
Scenario (a) Initial Deposit $20,000 (December31) interest rate = 3% February 5 Deposit $2000 March 18 Withdraw $1500 April 9 | Withdraw $2000 April 22 Deposit $3000 May 10 Rate change 3.2% June 10 Deposit $2500 July 15 Rate change 2.8% August 21 Withdraw $1800 October 15 Rate change 2.5% November 20 Deposit $1200 Scenario (b) $8,000 interest rate= 3.8% Deposit $2500 Withdraw $1800 Withdraw $1500 Deposit $2200 Rate change 3.4% Deposit $1200 Rate change 3.1% Withdraw $2000 Rate change 2.8% D eposit $1750 Scenario (c) | Scenario (d) $50,000 $15,000 interest rate=5.2% interest rate=4% Deposit $4000 Deposit $3800 Withdraw $3500 Withdraw $2100 Withdraw $5000 Withdraw $1200 Deposit $7500 Deposit $1500 | Rate change 5.8% | Rate change 3% Deposit $4500 Deposit $800 Rate change 4.5% Rate change 5% Withdraw $4800 Withdraw $2500 Rate change 3.8% Rate change 2% Deposit $2400 Deposit $2000
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