(1) Verify the table below with the future value formula. (PMT = 1200, Int Rate = 6%) (2) Use Goal Seek to determine what interest rate would be necessary for the future value to be $32,000. (Then put interest rate back to 6%.) (3) Use Goal Seek to determine what Payment Amount would be necessary for the future value to be $80,000. (Then put payment amount back to $1200.) (4) How much interest was earned during 2011? (5) How much more interest was earned during 2011 than 2010? Monthly PMT Interest Rate $1,200.00 6.00% Pmt Num 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Month Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Beginning Balance $0.00 $1,200.00 $2,406.00 $3,618.03 $4,836.12 $6,060.30 $7,290.60 $8,527.06 $9,769.69 $11,018.54 $12,273.63 $13,535.00 $14,802.67 $16,076.69 $17,357.07 $18,643.86 $19.937.08 $21,236.76 $22,542.95 $23,855.66 $25,174.94 $26,500.81 $27,833.32 $29,172.48 Payment Amount $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 $1,200.00 Interest Ending Earned Balance $0.00 $1,200.00 $6.00 $2,406.00 $12.03 $3,618.03 $18.09 $4,836.12 $24.18 $6,060.30 $30.30 $7.290.60 $36.45 $8,527.06 $42.64 $9,769.69 $48.85 $11,018.54 $55.09 $12,273.63 $61.37 $13,535.00 $67.67 $14,802.67 $74.01 $16,076.69 $80.38 $17,357.07 $86.79 $18,643.86 $93.22 $19.937.08 $99.69 $21,236.76 $106.18 $22,542.95 $112.71 $23.855.66 $119.28 $25,174.94 $125.87 $26,500.81 $132.50 $27,833.32 $139.17 $29,172.48 $145.86 $30,518.35 23 24