1: Piramide Investments is offering an investment it says will pay out $64,000 at the end of 3 years. To invest, you'll need to deposit $9,900 to their bank account and keep the information private. What is the average annual return on this investment? Remember to use a TVMfunction.

2: You receive an email from a very polite person which states you are entitled to a $1 million inheritance. After some research, you find that the money can be invested into an account paying a fixed 4% rate, compounded quarterly. How much retirement money would be in the account after 25 years? (round to nearest dollar)

3: The email from the last question turned out to be fraudulent(the 1 million dollar inheritance one), but you'd still like to have the sum of money the invested inheritance would have provided after 25 years. How much money would need to be invested at the beginning of each month for the next 25 years in order to have the same sum from question 5? You estimate conservatively that your money will earn 3% a year

Please use excel formula for example [=fv(3%,3,0,0,0)] and write it down, the answer should match the gray boxes.

Thank you

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