Q1 5 Financial Management 2- ACCT3023 Chapter 5 - Assignment Q2 5 | | | | | | | 5 Solve the following 5 TVM questions using Excel: Q3 Q4 Q5 Total 5 5 0 25 0% Each solution should identify each of the TVM variables using the same format as the demonstration problems. Marks will be deducted if variables are hidden within the formulas only. Q1. Approximately how much should be accumulated by the beginning of retirement to provide a $2,500 monthly check that will last for 25 years, during which time the fund will earn 8 percent interest with monthly compounding? *** *** final answer needs to be highlighted for full marks* Tp/y Ic/y PV PMT FV n i Q2. Your retirement account has a current balance of $50,000. What annual interest rate would need to be earned in order to accumulate a total of $1,000,000 in 30 years, by adding $6,000 annually? Iply c/y PV PMT FV n