Report Generation

I have an application in VB3.0 . It generates a report in Excel 5.0 .
Because of Excel 5.0 report the application runs only on "Windows95/ Office95" combination. I want this application compatible with later versions of Windows98/NT4.0/2000.

I have thought of some possible solutions like
(i)changing that part in the code which uses Excel 5.0 to later versions of Excel .
(ii)Using Crystal reports ot HTML for generation of reports.
(iii)Upgrading the entire application to VB6.0

Is there any better way of making the application compatible to later versions of Windows ?