Use a spreadsheet (not formulas) to answer problems 9 through 13 below.
For twelve full years, and into an account that pays 3.5% APR compounded quarterly: Yanhong will either pay $1500 at the end of each calendar quarter, or, deposit a single lump sum that will give the same future value amount.
If Yanhong chooses the single lump sum option, then how much will Yanhong need to deposit?
If Yanhong needs to have earned $100,000 in this account at the end of the twelve years, then the quarterly deposit amount will need to be increased. What would the new quarterly deposit amount need to be?
(Challenge): If Yanhong will make quarterly deposits into this account for the twelve years, but also has $8,000 to additionally deposit into this account right away: What would the new quarterly deposit amount need to be, so that the total balance after twelve years is $100,000?
Lee et al., Math in Society, §2.4 Loan Payments, Exercise 12