Question: Answer the following problems in an Excel file please. All problems must be solved using the PV and FV functions in Excel. I want to

Answer the following problems in an Excel file please. All problems must be solved using the PV and FV functions in Excel. I want to be able to see your formulas so I can practice.

You are saving for retirement in 20 years. Today, you place $100,000 in a bank account that pays 4% interest, compounded annually, leaving the funds on deposit for the entire 20 years. You also contribute $2,000 each year into your pension plan for 10 years, beginning this year. The pension plan grows at 7% a year. How much do you have available for retirement, 20 years from now? This is a multi-step problem.

I seem to go till the last two steps. I am able to find the future value after 10 years but then right before I can solve everything, I get stuck.

Future Value after 10 Years

$27,632.90

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