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BUSI 201 Intermediate Business Computer Applications

tag 0 Download 4 Pages / 891 Words tag 29-07-2021
  • Course Code: BUSI201
  • University: Liberty University
    icon is not sponsored or endorsed by this college or university

  • Country: United States


  1. Review the work completed by each group member for the individual submission portion of the Microsoft Excel Project. Together, determine which project will represent the group in your final version, making any adjustments or corrections as needed.

We’ll use Mitchell’s spreadsheet.

  1. Unhide the Retirementworksheet in the Payroll file. Choose 1 employee from the Payroll worksheet to create a retirement plan for. This worksheet will help you calculate how much is being saved for retirement, and how that will affect the amount that can be withdrawn through the retirement years.

Let’s use employee Oliver Pittman.

  1. Begin by determining the yearly/monthly gross income that this employee can expect given his/her current pay and hours.
  2. Many companies offer to match retirement contributions when their employees participate in a 401(k) plan. In this scenario, the employer will contribute up to 5% of the employee’s gross income if the employee also contributes 5%. (E.g. employees contributing 3% of their income would receive an additional 3% from the company and employees contributing 7% would receive an additional 5% from the company, etc.)

Mitchell, will you complete steps 2a and 2b?

  1. Use a formula to add a contribution amount of your choice as well as any company match in cells B14:B15. Use an IF function to automatically determine the company match based on your chosen percentage. Be sure to use the assumption cells B22:B23 in your formulas. Test various contribution amounts to ensure that your formula works in all cases.

I can work on this step.

  1. Roth IRAs can be used for low to upper middle class workers to fund retirement with post-tax dollars (i.e. net pay). Consider adding additional funds to a Roth IRA in cell B16. Total the contributions to your retirement in cell B17 and calculate the monthly contributions (D12:D17). The monthly contribution will now appear in cell B2.

Dan, will you work on this one (2d)?

  1. Calculate the percentage (%) of income that is being contributed to retirement in B20.

Jennifer, would you work on this step (2e) as well as 3a (below)

  1. Now that you have calculated the amount to save for retirement, you will calculate how much this amount will yield in 30 years and what the monthly income will be in retirement.
    1. In cell B5, use the appropriate financial function to calculate how much money will be in the account when the employee is ready to retire. Remember to use a negative value for the PMT argument. There is no money currently in the account and payments will be applied at the end of every
    2. Once you have saved for retirement, how much can you draw from the retirement account every month over the 30 years that you expect to be retired? Assume that at the end of 30 years, the account balance will be zero and the payments to you will be made at the beginning of every month. (Hint: Use the PMT function to calculate the payments to yourself. Use the ending balance in your retirement account as the present value. Add a negative sign before the present value so the result appears as a positive)
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