Determine the future value if the payment is $2000 per month, the yearly interest rate is 6.2%, for a two year period. Payments are made at the end of the payment period. (1) Use the future value function to confirm the future value determined in the table below. (2) Use Goal Seek to determine how much the monthly payment would have to be in order for the future value to be $70,000. (Interest rate is 6.2%) (3) Use Goal Seek to determine how much the interest rate would have to be in order for the future value to be $55,000. (Payment is $2000.) (4) How much more would have been saved if the monthly payment was $3000 instead of $2000? (Put interest rate back to 6.2%) (5) For tax purposes, how much interest was earned during 2005? (Payments $2000) (6) How much money is in the bank at the end of 2005? (Payments $2000) Payment: $2,000.00 Interest Rate: 6.20% Pmt Num 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Payment Beginning Payment Date Balance Amount Mar-04 $0.00 $2,000.00 Apr-04 $2,000.00 $2,000.00 May-04 $4,010.33 $2,000.00 Jun-04 $6,031.05 $2,000.00 Jul-04 $8,062.21 $2,000.00 Aug-04 $10,103.87 $2,000.00 Sep-04 $12,156.07 $2,000.00 Oct-04 $14,218.88 $2,000.00 Nov-04 $16,292.34 $2,000.00 Dec-04 $18,376.52 $2,000.00 Jan-05 $20,471.46 $2,000.00 Feb-05 $22,577.23 $2,000.00 Mar-05 $24.693.88 $2,000.00 Apr-05 $26,821.47 $2.000.00 May-05 $28,960.05 $2,000.00 Jun-05 $31,109.67 $2,000.00 Jul-05 $33,270.41 $2,000.00 Aug-05 $35,442.30 $2,000.00 Sep-05 $37,625.42 $2,000.00 Oct-05 $39,819.82 $2,000.00 Interest Ending Earned Balance $0.00 $2,000.00 $10.33 $4.010.33 $20.72 $6,031.05 $31.16 $8,062.21 $41.65 $10,103.87 $52.20 $12,156.07 $62.81 $14,218.88 $73.46 $16.292.34 $84.18 $18,376.52 $94.95 $20,471.46 $105.77 $22,577.23 $116.65 $24,693.88 $127.59 $26,821.47 $138.58 $28,960.05) $149.63 $31,109.67 $160.73 $33,270.41 $171.90 $35,442.30 $183.12 $37,625.42 $194.40 $39,819.82 $205.74 $42,025.56