Create a spreadsheet that calculates how much money an account would grow to in 25 years if you put \$5000 into it and it grew at 9% interest each year. Show the interest you earn each year and the total at the end of a given year

Part 1: Use the formula I = PRT to calculate how much interest you earn in the first year

I = interest

P = Principal (starting with \$5,000)

R = Rate of interest (9%)

T = Time (1 year, in this case)

At the end of the first year, you will have the original Principal (\$5000), plus the Interest (your calculation)

At the beginning of the next year, their sum is what you have as your starting Principal

I = PRT

Interest Principal Rate Time End of Year

Year 1 \$450 \$5,000 9% 1 \$5,450

Year 2 \$491 \$5,450 9% 1 \$5,941

Year 3

Year 4. . .

Part 2: Create a new sheet. What happens if you earn 12% starting in Year 11? (What is the final amount in year 25?)

Part 3: Create a third sheet. What happens if you earn 9% each year, but in Year 6, you start adding \$1000 at the

start of each year (What’s the final amount in Yr 25?)

Use different fonts, shade the boxes, and jazz it up so it looks professional!!

*** You will have three worksheets in your Workbook when you are complete. Save as: “Watching Money Grow”