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(b) Round your answers to two (2) decimal points. You are expecting to receive $25,000 in two years' time when your endowment policy expires. When
(b) Round your answers to two (2) decimal points. You are expecting to receive $25,000 in two years' time when your endowment policy expires. When you receive it, you intend to invest it in a mutual fund which returns 5% per year. Solve for (i) the amount you will have at the end of six years and (ii) the number of years you must wait for your investment to grow to $45,000, by filling in Cells B2:B5 for part (i) and Cells B9:B12 for part (ii) below. You are expected to show the relevant Excel formulas. B 1 (1) 2 Present value 3 Nper 4 Rate 5 Future value 8 (ii) 9 Present value 10 Nper 11 Rate 12 Future value (6 marks)
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