Provide Calculation Steps and Excel formula

1. It is your sixtieth birthday. You plan to work 5 more years before retiring. Then you want to spend 20,000 for a Mediterranean cruise. What lump sum do you have to invest now to accumulate the 20,000? Assume your minimum desired rate of return is as follows:

a) 5% compounded annually

b) 10% compounded annually

c) 20% compounded annually

2. You want to spend 5.000 on a vacation at the end of each of the next 5 years. What lump sum do you have to invest now to take the five vacations? Assume that your minimum desired rate of return is as follows:

a) 5% compounded annually

b) 10% compounded annually

c) 20% compounded annually