Determine if there is enough money for making withdrawal

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Reference no: EM131529273

Your grandpa gives you $5000. You invest the money in an interest-bearing account at your local bank. Interest is paid four times a year. Each time the interest reaches or exceeds $200, you withdraw the interest and spend it on clothes or concert tickets.

Prepare a spread sheet in excel that will show how many times you can withdraw $200 over the next ten years. Your spread sheet should be able to accommodate interest rates of 2%, 4%, or 6% per year. An IF statement can be used to determine if there is enough money for making a withdrawal. Remember that if you have for example $221.50 interest and you withdraw $200, the left over $21.50 is still in your account along with the other principal amount of $5000.

Include a line chart that shows the account balance over time.

Reference no: EM131529273

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