Elliot makes $300,000 a year and pays 25% taxes on $150,000 and 30% on his remaining salary. His expenses are $110,000 (per year). He wants to invest a fixed amount every day into an investment fund for 5 years and he hopes to get a 12% return. **Please show how to set this problem up in excel**

(a.) What is the maximum amount he can invest every day? Instructions say it is this found by dividing the annual investment amount by 365. Please explain how to calculate the annual investment rate, so I can find the answer myself.

(b.) What will be the worth of his portfolio after 5 years? Again no answer needed, just how to calculate this.

(c.) After 5 years, Elliot's income increases to $350,000. He wants to reinvest for another 5 years, but this time, his return will be 10% and his expenses have increased by 15%. What will be the worth of his portfolio after 5 years (total of 10 years)?

(d.) What will the Present Value of his portfolio be, assuming a 6% discount rate and NPER is 10 years? Please just explain how to calculate this PV in Excel.