Accounting 202 COMPUTER LAB—Retirement Calculating YOUR Retirement—How soon? How MUCH $$$? Name ___________________ Go to Excel. (Click on the Excel icon or search for the Excel program). Using the function wizard f(x) button on your menu bar, practice calculating future value (2 ) and present value problems. See below for the first one, and then see if you can do the rest. (Calculate the data using function wizard, NOT the tables in your textbook). Lab: Modified an used with permission Click on function wizard f(x) button Select Financial from the menu, Select FV from the menu. Select OK Input: Rate: .08 (8% per year) Nper: 3 (years) Pymt: 0 PV: -$7,938 (input as a negative) Type: 0 (zero) Click enter Answer should be $9,999.59 Problem Solution (can you get to this solution using Excel?) Future Value of an annuity of $2,000, 3 years, compounded annually at 5%. For annuities, use the Pymt field. $6,305 You win the lotto and can choose to receive $10,000 in 3 years or taking the present value of it today. If you received it today, what would you receive, adjusted for 8% discount rate? $7,938 You bought a car, with 5 annual payments of $6,000.