Create a table on a spreadsheet with columns labelled “Count”, “Date”, “Interest this Period”, and “Total”....

Create a table on a spreadsheet with columns labelled “Count”, “Date”, “Interest this Period”, and “Total”. As depicted below.

1		timesteps in years	rate.
2		<enter timestep>	<enter your rate>
3	count	date	interest this period total$
4	0	30-Sep-16		<enter your total>
5	1

You will begin with the count at 0, and the date of Sept 30, 2016. For that first row, the “Interest this period” is zero, and the total is $22,000 CAD. Above the columns, put the label “rate”, and in the cell below that, enter your periodically compounding rate of 19%. Put the label “Timestep in years” and in the cell below that, enter =1/4.

For each subsequent row of the table, use formulas to set the count equal to one more than the previous count, and set the date equal to the previous date plus 365*[the value in the timestep cell]. The “Interest this Period” is the “Total” from the previous “Date”, times the “rate” cell, times the “timestep” cell. The “Total” for each row is the “Total” from the previous row plus the “Interest this period”. Make sure that you use dollar signs for absolute addresses where appropriate in order to be able to copy these formulas to later rows. Copy that new row, and paste it into the rows below it so that the count goes to at least 100.

You can validate your spreadsheet by checking that the total comes out right if the interest rate and initial total from a previous question is used with a timestep of 1. Don’t forget to restore the timestep and rate to the values for this problem when done.

(a)	What is the date that Excel shows for the row whose count is 100? (Copy and paste the content of that cell into the answer box below.)

(b)	What is the interest earned for the period with count 86?

Solutions

Expert Solution

Count	Date	Interest this period	Total
100	9/24/2041	103363.0754	$2,279,428

Count	Date	Interest this period	Total
86	3/26/2038	53977.0294	$1,190,336

jeff jeffy answered 2 years ago

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