Chapter 8: Assignment 2 findividual Assignment; 20 Points total] [Due on 2/10/2021] Must use Excel to solve the problems [Please submit the completed assignment to the Dropbox] [No Mac submissions please] Problem 1: Using the information below, answer the following questions: Monthly Retirement Income Needed 12,000 Years until Retirement 30 Years in Retirement 25 Rate of Return before Retirement 9.00% Rate of Return during Retirement 6.00% a) Using Excel develop a retirement planning worksheet and use that to answer the questions b) How much money will you need to have accumulated at the time of retirement to be able to meet your income needs during retirement using monthly payments? What is the monthly payment needed to accumulate the required amount for retirement? Problem 2: Using the information to answer the questions below: 120,000 25 Annual Retirement Income Needed Years until Retirement Years in Retirement Rate of Return before Retirement Rate of Return during Retirement 35 9.50% 6.50% a) Using Excel develop a retirement planning worksheet and use that to answer the questions b) How much money will you need to have accumulated at the time of retirement to be able to meet your Income needs during retirement using monthly payments? What is the annual payments needed to accumulate the required amount for retirement? Problem 3: Prepare an amortization schedule (Table) for a four-year $100,000 loan assuming equal annual payments and an annual interest rate of 7.5%. (a) How much total interest is paid over the life of the loan? (b) How much interest is paid in the third year? Year Beginning Balance Annual Payment Interest Payment Principal Ending Payment Balance Total Problem 4: What is the present value of a growing annulty with 8% annual Interest rate for 5 years. The first payment occurring at the end of year 1 for $1,000 and growing at a rate of 5% per year. (Use the formula) Problem 5: What is the future value of a growing annuity with 9% annual Interest rate for 7 years. The first payment occurring at the end of year 1 for $1,500 and growing at a rate of 6% per year. (Use the "net-rate" concept]