Question 3 (based on Chapter 4) Assume that you want to buy a new car in 5 years, and that the price of the car will be $30,000. (Assume all cash flows occur at the end of the period throughout all of the Excel problems throughout our entire course.) Use Excel time value of money functions to solve the problems outlined below (one or more of these: PV, FV, RATE, NPER, PMT). (This question doesn't require a text box with written answers, but you need to clearly label your answers to parts a, b, and c.) a. How much do you need to deposit in an account today , if you want to have $30,000 in the account in 5 years, assuming the account earns 8% interest rate annually? b. If you deposit $22,000 in the account today, what rate of interest would you need to earn annually in order to have exactly $30,000 in the account in 5 years? Assuming your account earns 0.5%% interest rate every month, and that you make an initial deposit of $10,000 today, how much do you need to deposit every month in your account in order to have exactly $30,000 in 5 years? (Hint: use the PMT variable to represent the monthly deposit ; make sure you use the number of months for the number of periods .) Question 4 (based on Chapter 4) Assume that you are planning on retiring in 30 years, and that you decide to open a retirement account and deposit $5,000 in the account every year (as in the previous problem, use the end of the year convention). Once you retire, you start making annual withdrawals of $40,000 from the account (again, use the end of the year convention). Assuming the account is earning 6% rate of interest, how many years will it take, after you retire, before the funds in your account are completely exhausted? Please provide a written answer in a text box at the bottom of your Excel sheet. Use Excel time value of money functions to solve the problem. (Hint: this problem needs to be modeled as two parts.) Question 5 (based on Chapter 4) Assume that you are planning on purchasing a new car. You are considering financing the $40,000 purchase price using a car loan arranged through the car dealership. The terms of the loan are: 8 years of fixed monthly payments, and 2.4% quoted annual periodic rate of interest (this will need to be converted to a monthly rate by dividing the annual rate by 12). Assuming the loan will be completely paid off by the end of the 8 years, determine the monthly payment associated with loan, and then prepare an amortization table in a similar way as shown in the class Excel example. Include all of the months in your table, and make sure you show not only the beginning and ending balance for each month, but also the monthly payment and the breakdown between the part used to pay interest and the part used to pay down the principal. (Hint: use functions and formulas in the first row, and the beginning balance in the second row, in a way that will allow you to copy and paste to the remaining cells of your table )