Determine the future value if the payment is $250 per month, the yearly interest rate is 7.5%, for a three 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 $13,000. (Interest rate is 7.5%) (3) Use Goal Seek to determine how much the interest rate would have to be in order for the future value to be $11,000. (Payment is $250.) Payment: $250.00 Interest Rate: 7.50% Leave Payment = $250 and Interest Rate = 7.5% when the project is turned in. Pmt Num 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Payment Date Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Beginning Balance $0.00 $250.00 $501.56 $754.70 $1,009.41 $1,265.72 $1,523.63 $1,783.16 $2,044.30 $2,307.08 $2,571.50 $2,837.57 $3,105.30 $3,374.71 $3,645.80 $3,918.59 $4,193.08 $4,469.29 $4,747.22 $5,026.89 $5,308.31 $5,591.49 $5,876.43 $6,163.16 $6,451.68 Interest Ending Earned Balance $0.00 $250.00 $1.56 $501.56 $3.13 $754.701 $4.72 $1,009.41 $6.31 $1,265.72 $7.91 $1,523.63 $9.52 $1,783.16) $11.14 $2,044.30 $12.78 $2,307.08 $14.42 $2,571.50 $16.07 $2,837.57 $17.73 $3,105.30 $19.41 $3,374.71 $21.09 $3,645.80 $22.79 $3,918.59 $24.49 $4.193.08 $26.21 $4,469.29 $27.93 $4,747.22 $29.67 $5,026.89 $31.42 $5,308.31 $33.18 $5,591.49 $34.95 $5,876.43 $36.73 $6,163.16 $38.52 $6,451.68 $40.32 $6,742.00