Case $1$: Payment, Rate, and Future Value Calculations

On the Sheet$1,$ you need to perform the following calculations. The formula that calculates the payment or rate must be entered in the specified cell. Additionally, the formula should contain all necessary information such as interest rate or number of periods. You should not be referring to another cell.

Calculation $1$

You got a high paying job working on an oil rig in Alberta. It's lonely work, but you think it will be worth it for the money you can save. You plan to return in $5$ years.

If you want to come back with $$50,000$ dollars, how much do you need to save each month if you can invest it at $6\%.$

Enter your formula in cell A$3.$

Calculation $2$

You dream of moving away from Manitoba winters and living in Vancouver. However, you don't want to move there if you can't have your own place to live. You've determined you need $$75,000$ as a downpayment before you consider moving to Vancouver. You already have $$10,000$ in your savings now and will be adding to it based on your plan.

You'd like to move to Vancouver in $5$ years. How much do you need to save each year $($in addition to the existing $$10,000)$ if your savings gets a return rate of $5\%.$

Enter your formula in cell A$6.$

Calculation $3$

As part of your retirement savings plan, you've determined that you need to have $$300,000$ in $15$ years to be on track.

If you invest $$1000$ per month, what rate of return do you need to achieve this goal?

Enter your formula in cell A$9.$

Calculation $4$

Your friend Sally has a different savings plan for retirement. She determined that she needs to save $$350,000$ in $15$ years to be on track.

If Sally invests $$10,000$ per year, what rate of return does she need to achieve her goal?

Enter your formula in cell A$12.$

Calculation $5$

You have a savings plan to invest $$2,000$ per month. You expect the rate of return to be $5\%.$

After $20$ years how much will be in your savings?

Enter your formula in cell A$15.$