Lab OverviewScenario/SummarySummit Ridge Mountain Resorts has decided to expand. Because of the popularity of the resort among the business community and families, Summit Ridge has decided to purchase some apartments for guests and seasonal employees to have an extended stay. Because these will prove to be a long-term investment, Summit Ridge has decided to put all complexes on a remodeling rotation to ensure the apartments each have a modern and functional style. It is now your job to analyze the information regarding the apartments. The owners are looking for some specific information about rentals by apartment size (such as the number of bedrooms per apartment). Based on current housing interest rates, Summit Ridge is considering a sixth apartment complex and has asked you to perform some financial calculations and analyses to determine how adding this new complex to their portfolio enhances the resort's financial position. They will then use this information to come up with a marketing plan to attract additional customers to the resort.Remember that you are making a professional analysis and presentation, so be sure to give some thought to what you are trying to recommend to the management of Summit Ridge and why.DeliverablesAfter completing the steps below, turn in one Excel 2016 workbook. Rename the workbook with your lastname_first initial_Week5_Lab. xlsx. Example: If your name were Jane Doe, your workbook would be Doe_J_Week5_Lab.xlsx.Week 5 Grading RubricLab 5 – Mountain Statistical AnalysisStepTaskPoints PossiblePoints ReceivedComments1Insert Functions1aInsert nested function for pet deposit5 1bInsert nested function for Remodeling Status5 1cApply professional formatting to data, headers, etc.3 2aCreate a search2a, bUse the INDEX function to give the rental price based on unit #5 3Loan Amortization3aComplete Summary Calculations based on data provided in Input area5 3aCalculate Monthly Payment and Total Interest over the life of the loan3 3BIn the loan amortization table., Use a date function for the Payment Date and financial functions for Interest and principle4 3bCalculate the ending and beginning balance and then copy the rows down to complete at least 10 months of the amortization schedule5 4Conditional Functions4a,bOn the Employee Satisfaction worksheet, calculate the average job satisfaction for each role in the company6 4c,dCalculate the Average salary for all employee types6 4eCalculate Number and Average salary for Sales & Marketing Directors with >=4 Satisfaction6 4gApply Count and average salary to Managers6 4hCreate a Pivot Table based on employee role to compare satisfaction and salary averages8 5Documentation5a,cAdd and complete a Documentation sheet with all required information, including sheet descriptions4 5bEnsure tabs have descriptive names and distinct colors4 Comment: What you learned from completing this Lab5 TOTAL POINTS800 Lab ResourcesMicrosoft Office: Excel 2016Options for Accessing Microsoft Excel 2016Use a personal copy on your PC. You can request a copy of Microsoft Office 2016 via the Student Software Store icon on the Course Resources page.If you are a MAC user, click to read the MAC User Information (Links to an external site.).If you do not have Excel 2016 installed locally, then access the software by going to the Course Resources page, Lab Resources section, and click the Virtual Lab Citrix icon.Lab StepsPreparationYou will be using Microsoft Excel 2016 for this lab.Be sure you have read the required chapter materials and reviewed the hands-on exercise videos located on the Lesson page before you begin the lab.Please do not rely solely on the hands-on exercise videos to complete this week's lab. The videos provide detailed examples walking you through the hands-on exercises. Applying the hands-on exercise examples will provide both practice and instruction of what to complete.Begin: Open and SaveDownload the spreadsheet Copy of Student_File_Week5.xlsxTo save the spreadsheet with a new file name,open the workbook in Excel 2016; andin Excel, click File, then Save as, and rename it as lastname_first initial_Week5_Lab.xlsx (Jane Doe would save the file as Doe_J_Week5_Lab.xlsx).Step 1: Insert FunctionsSelect the Search worksheet and then the Pet Deposit column. Create a formula to determine the required pet deposit for each unit. If the unit has two or more bedrooms and was remodeled after 2006, the deposit is $150; if not, it is $100. The Recommendation column needs a nested function to indicate the remodeling status. If the apartment is unoccupied and has not been remodeled before 2006, then display "Please remodel" in the Recommendation column. Display " ~ No Change" for apartments that do not meet the former criteria. Make sure each field has the appropriate professional formatting for titles, headers, currency, percent, and so forth. Your worksheets need to be readable, clean, and professional. Please let spell-check work for you; use this feature to check for spelling errors. Step 2: Quick SearchNow that all of the rental properties are listed and organized, the owners would like to be able to search through the apartment numbers and return the price of the apartment number listed. Insert number 1301 in cell B3. B3 is the cell that will be used to research apartment unit prices. Create a nested lookup function in cell E3. Look up the rental price in column D using the apartment unit number in cell B3. (Use the INDEX function.)Make sure each field has the appropriate professional formatting for titles, headers, currency, percent, and so forth. Your worksheets need to be readable, clean, and professional. Please let spell-check work for you; use this feature to check for spelling errors.Step 3: New Apartment Loan AmortizationSummit Ridge Ski owners want to purchase a sixth apartment complex. This decision is under review. Here are the details of their offer. The loan amount is $950,000 with a down payment of $400,000 for 30 years at 5.325%, with the first payment due on January 20, 2017. Please consider the loan calculations and build a loan amortization table on the Loan worksheet. Click on the Loan worksheet to begin. Enter the loan details provided above in the Input Area and place formulas to create all calculations in the Summary Calculations. The loan payment is at the end of the period.Create a loan amortization table. The Payment Date column needs a date function. The Interest Paid and Principal Payment columns require financial functions.Create a custom footer with your name on the left side, the page and page number in the center, and your professor's name on the right side of each worksheet. Make sure you put the page back to normal view after you insert the footer at the bottom. Loan DetailsStep 4: Conditional FunctionsIn addition to adding the new apartments to their financial portfolios, the owners of Summit Ridge Ski Resort would like to ensure that they are paying their employees at market value and want to continue to encourage employees to stay with the company. Another phase of your project is to research all employee salaries to see if they have any effect on job satisfaction. Employee satisfaction surveys allow the company to get a pulse for how content employees are. A voluntary survey was administered to a cross-section sample of all employees in the company. This next bit of work will be on the Employee Satisfaction Worksheet. Calculate the average job satisfaction for Administrative Assistant in cell I5. Format the results with the number format and two decimal positions.Use the fill handle from cell I5 to copy the function down through the range I6:I11. Make certain to consider the appropriate mixed and/or absolute cell referencing.Calculate the average salary of all Administrative Assistants and place the result in cell J5. Use the fill handle from cell J5 to copy the function down through the range J6:J11. Make certain to consider the appropriate mixed and/or absolute cell referencing.Calculate the number of Sales and Marketing Directors in cell I14 that have a job satisfaction level of 4 or above. Calculate the average salary of Sales and Marketing Directors in cell I15 that have a job satisfaction level of 4 or above.Use a process like that demonstrated in steps E and F to calculate the total number and the average salary of Managers that have a job satisfaction of 4 or greater.Use the Employee Satisfaction data to create a Pivot Table showing the average salary and Job Satisfaction by Position (rows). Format professionally and sort highest salary to lowest.Step 5: Create a Documentation SheetClean up the formatting of your Excel workbook, taking into account professional appearance.The Minimum Requirement (per the Grading Rubric)Insert a new spreadsheet into the workbook. The Documentation sheet should be the first sheet in the workbook.Make certain each tab has a descriptive name and color for each tab (sheet) in the workbook.Create the professional documentation worksheet. Be sure to include a description of each worksheet. An image is provided below.Week 5 Documentation SheetTranscript (Links to an external site.)Finish and SubmitSave your Excel file. Make sure you are aware as to where your files are physically saved. Saving your file often is good practice (Ctrl + s).Your Excel file should contain five worksheets.Documentation PageSearchLoanEmployee SatisfactionSatisfaction Pivot Table