For each question, answer with the requirements (a - d) using excel:

a. Develop the timeline (linear representation of the timing of cash flows)

b. Identify the time value of money variable (PV, FV, PMT, N or Rate) which needs to be calculated in the question.

c. Identify the values of the remaining four variables (PV, FV, PMT, N or Rate) from the question. Be sure to input positive or negative signs.

d. Calculate the correct value of the variable identified in step (2).

Question 1 - How much money do I need to place into a bank account that pays a 1.08% rate in order to have $500 at the end of 7 years (round to nearest $1)?

Question 2 - Your grandparents deposit $2,000 each year on your birthday, starting the day you are born, in an account that pays 7% interest compounded annually. How much will you have in the account on your 21st birthday, just after your grandparents make their deposit (round to nearest $1)?

Question 3 - Auto Loans R Them loans you $24,000 for four years to buy a car. The loan must be repaid in 48 equal monthly payments. The annual interest rate on the loan is 9 percent. What is the monthly payment (round to nearest $1)?