1. You would like to buy a house in 5 years and estimate that you'll need $95,000 for a down payment at that time.If you have $60,000 already saved, and in addition, can afford to save $3,000 a year (starting one year from now, and ending in five years), what annual rate of return will you need to achieve your goal of saving $95,000? 5 points.

A) less than 6%

B) Between 6% and 7%

C) Between 7% and 8%

D) More than 8%

I have tried solving this in excel and am not getting any answer close to the choices. How do you solve this with excel?

2. Your answer in #1 is encouraging, because you think you can achieve an annual return of 9%, which is more than you need.How much extra money (i.e. more than $95,000) will you have in 5 years?5 points.

A) less than $10,000

B) between $10,000 and $12,000

C) between $12,000 and $14,000

D) More than $14,000

I have tried solving this in excel and am not getting any answer close to the choices. How do you solve this with excel?