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You have created an investment plan in which you will invest $5000 today into a...

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Finance

You have created an investment plan in which you will invest $5000 today into a guaranteed return fund earning a fixed 3% per year. You will make 5 more payments at the beginning of each subsequent year, with the amount invested increasing by 7% per year from the previous year's amount invested. How much will the investment account be worth at the end of your investment horizon, which would be the end of the year 5 years from today? Assume annual compounding. Please show step by step calculations as well as how to do in excel.

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