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Description

For this project you will be uploading a Word document with answers to questions posed here and an Excel spreadsheet into Canvas. There is no Excel template for this project, you will design it on your own. You must use cell references and Excel formulas wherever possible and write functions so that you can drag them to other rows or columns, when appropriate.

1. Choose something that you would like to save money for (something significant such as buying a car, a down payment on a house, or retirement). a. Research the amount of money you will need to save to achieve your goal, and decide on the period of time when you would like this money available (Needs to be at least 3 years from now). Make note of the website you use to research this. b. Research three specific options for investing the money. Here are some possibilities:

1) A savings account at a bank or credit union

2) A money market account at a bank or credit union 3) Certificates of deposit at a bank or credit union 4) Government Bonds 5) Mutual Fund You will need to find the APR or APY for each of the three investments. You will need to find out if there is a minimum amount to start your investment. Can you meet this minimum amount? Can you access your money at any time, or is there a penalty for accessing your money before a certain time? Are you able to invest more money into the investment each year? For this project, we would like to be able to add in additional money once a year into our investment. Make note of the websites you use to research this. c. Write this information in a paragraph in your Word document with coherent sentences and correct grammar. You must include the amount of money to be saved and why (include the website where you researched the amount), the time period you have for reaching this monetary goal, the specific investment option you are using with the APY or average rate of return and the website where you found the information.