Question: Instruction: Please solve the following problems by using formulas DO NOT USE EXCEL TO SOLVE 5. You have $33,556.25 in a brokerage account, and you

Instruction: Please solve the following problems by using formulas DO NOT USE EXCEL TO SOLVE

5. You have $33,556.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $220,000. You expect to earn 12% annually on the account. How many years will it take to reach your goal?

6. Assume that a firm makes a $2,500 deposit into its money market account. If this account is currently paying 0.7% (yes, thats right, less than 1%!), what will the account balance be after 1 year?

7. If Bob and Judy combine their savings of $1,260 and $975, respectively, and deposit this amount into an account that pays 2% annual interest, compounded monthly, what will the account balance be after 4 years?

8. Suppose you are committed to owning a $170,000 Ferrari. If you believe your mutual fund can achieve a 12 percent annual rate of return and you want to buy the car in 9 years on the day you turn 30, how much must you invest today?

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