The CEO has decided to plan for a salary action affecting a number ofindividuals in the organization. He has decided to give a $2,000cost-of-living pay increase to all hourly employees and a $4,000increase to all software analysts with salaries less than $55,000.However, he wants to do this in 2 years. He wants you to give him twooptions (you do not have to recommend an option).Option 1: How much would he have to invest today in asingle lump sum at a 6% annual interest rate compounded quarterly tohave sufficient funds to execute his plan?Option 2: How much would he have to invest in equalmonthly payments at a 3% annual interest rate compounded monthly to havesufficient funds to execute his plan?Part 1: Select the following link to download the Microsoft Excel spreadsheet for this assignment: Individual Project Data.Because the CEO wants to increase salaries for all hourly employeesand software analysts, there needs to be a count of the employees ineach category.Create an additional worksheet named “DB Calculations.”Set up a criteria range in the first few rows and columns toidentify all hourly employees. Use this criteria in the Advanced Filterfeature to extract all hourly employees.Set up a second criteria range in the columns next to the firstto identify the software analysts with salaries less than $55,000. Usethis criteria in the Advanced Filter feature to extract all hourlyemployees.In any cell beneath each criteria range, use the DCOUNTfunction to calculate the number of hourly employees using the firstcriteria range, and then again to calculate the number of softwareanalysts with salaries less than $55,000.Multiply the count of hourly employees by 2,000, and the countof software analysts with salaries less than $55,000 by 4,000. The sumof these two numbers will be the total funding needed to execute theCEO’s plan. Part 2: Use the funding you calculated in Part 1 andthe appropriate compound interest formulas you learned in businessalgebra to calculate the investment amounts for options 1 and 2. Showyour calculations in any empty area on the worksheet created in Part 1.Hints: Excel Functions:PV – Returns the present value of a future amountPMT – Calculates the payment necessary to accumulate a future amountCompound Interest Formulas:A = P(1 + i)n FV = PMT × (1 + i)n – 1  i