Consider the following Excel functions to answer Questions 14 - 20: b. a. =PV(rate,nper.pmt, [fv),[type]) -FV(rate,nper.pmt,[pv],[type]) =PMT(rate,nper.pv.[fv].[type]) d. =NPER(rate,pint.pv.[fv].[type]) =RATE(nper.pmt.pv.[fv).[type].[guess]) C. e. Show the formula or function and arguments that are necessary to solve each of the following problems. Your answer should work if it were typed, exactly as written, into the spreadsheet. You should not have to perform any calculations. (You are not required to provide answers to the questions, but rather just the required inputs.) 14. 15. 16. 17. 18. 19. 20. You have just won the lottery! Your prize is $10,000,000, payable in equal annual installments of $1,000,000 over the next 10 years. Alternatively, you have the option of taking a one-time, lump-sum payout today. You want to determine the amount of the payout that you would receive if you take that option. Assume a 5% interest rate. The appropriate input to the spreadsheet is: Jane is buying a home. The list price is $210,000, but Jane plans to offer $200,000. She plans to make a 10% down payment with the balance financed with a 30-year mortgage at 6.75% annual interest. Jane wants to determine her monthly "principal and interest" payments if her offer is accepted. The appropriate input to the spreadsheet is: You are planning to purchase a car, financing the purchase with a 5.99%, 5-year loan. You believe that you can afford monthly payments of $450 and wish to determine the maximum purchase price that you can finance. The appropriate input to the spreadsheet is: Assume that you wish to save $25,000 for a getaway to celebrate your 5th anniversary with your significant other. You plan to set aside money every 6 months, beginning 6 months from today. If you can cam 4% on your money, what input is necessary to determine how much you should set aside every 6 months? Consider the preceding question. What if you were to start setting aside money today rather than waiting 6 months for your first deposit? How would your input change (if at all)? You wish to determine how long it will take you to accumulate $20,000 if you invest $400 per month into a savings account that cams 2% compounded monthly. What would your input be? An investment of $2,000 grew to $2,520 in three periods. What would your input be to determine the interest rate implicit in the growth?

Consider the following Excel functions to answer Questions 14-20. a. uPV(rate, nper,pmi, [fv],typ]p b. FV(mile,npet,pmi, [pv].[type]) c. PMT(nite, nper,pv. [fv], [type] d. NPER(mate,pent.pv, [fv],flype]) c. RATE(rper,pmi,pv.[fv].,[type].\{gocss]) Show the formula or function and arguncits that are necessary to solve each of the following problems. Your answer should work if it were typed, exactly as written, into the spreadsheet. Yoa sheuld not have to perform any calculations. (You are not roquired to provide answers to the qoestions, but nather jusit the required inputs.) 14. Yoo heve just won the lonery 1 Your prize is $10,000,000, payable in cqual anumal installments of $1,000,000 over the next 10 years. Alicmatively, you have the option of taking a one-time, lump-sum payout today. You wane to determine the amount of the pryout that you world receive if you take that option. Assume a 5% interest nate. The appeopriate input to the spreadsheet is: 15. Jane is buying a home. The list price is $210,000, but Jane plans io offer $200,000. She plans to make a 10% down paymeat with the balance firanced with a 30 -ycar mortgage at 6.75% aneual interest. Jane wants io deternaine her moethly "pnincipal and interest" pryments if ber offer is accepted. The appropeiate inper to the specadsheet is: 16. You are planning to purchase a car, firanciec the purchase with a 5.99%,5-year loan. You believe that you can afford monthly payments of $450 and wish to determine the maximum purchase price that you can finance. The appeopriale inpul to the specadshoct is: 17. Assume that you wish to save $25,000 for a getrway to celcbratc your 5th anniversary with your significant other. You plan to sct aside moncy cvery 6 months, beginning 6 months froen loday. If you can cam 4% on your moncy, what inpet is necessary to determine how much yous should set acide every 6 moeths? 18. Consider the proceding question. What if you were 10 sant setning aside moncy bodry rather than waiting 6 mond for your first deposit? How would your input change (if at alli)? 19. You wish to determinc how long it will take yoe to sccuanelate $20,000 if you imcat $400 per noofh imto a savings account that cams 2% compounded monthly. What would your input be? 20. An inestment of $2,000 grew to $2,$20 in theoe periods. Whet would your input be to determine the interest me implicit in the growth