use excel to solve: 1. How much would you pay for the right to receive $20,000 at the end of 20 years if you can earn a 13% return on a real estate investment with similar risk? 2. What constant amount invested at the end of each year at a 14% annual interest rate will be worth $40,000 at the end of five years? 3. Your father will convey a property to you in 20 years. If the property is expected to be worth $650,000 when you receive it, what is the present value of the property? Your discount rate is 11%. 4. What is the present value of $650 received for the next four years and $3,000 received at the end of the fifth year if your required return is 6%? 5. Assuming no income or holding costs during the period, if you purchased a vacant parcel of land eight years ago for $2,600,000, how much would you have to sell it for to yield a 9% annual return on your investment?

1. How much would you pay for the right to receive $20,000 at the end of 20 years if you can earn a 13% return on a real estate investment with similar risk? 2. What constant amount invested at the end of each year at a 14% annual interest rate will be worth $40,000 at the end of five years? 3. Your father will convey a property to you in 20 years. If the property is expected to be worth $650,000 when you receive it, what is the present value of the property? Your discount rate is 11%. 4. What is the present value of $650 received for the next four years and $3,000 received at the end of the fifth year if your required return is 6% ? 5. Assuming no income or holding costs during the period, if you purchased a vacant parcel of land eight years ago for $2,600,000, how much would you have to sell it for to yield a 9% annual return on your investment