Problems

You just won $$5,000,000\mathrm{.}00$ in the lottery. You now have the choice of taking $$2,800,000\mathrm{.}00$ now

or receiving the full $$5,000,000\mathrm{.}00$ paid out in equal payments over $20$ years. Assuming an interest

rate of $6\%,$ which choice would you select?

How much money would you need to save each month to have $$1,000,000\mathrm{.}00$ in $30$ years.

Assume an $8\%$ interest rate.

You have decided to purchase a new car that costs $$28,000\mathrm{.}00.$ Assuming that you put $5\%$

down on the car and finance it for $6$ years, what interest rate would you need for a monthly

payment of $$400\mathrm{.}00?$ Please solve using a either a IF$,$ IFS, or a nested IF function.