Global steel prices have a year-over-year inflationary rate increase of 12.4%. Tube Fab purchased $700,000 of a particular carbon steel during the year just ended right now, and they intend to purchase the same quantity at the end of each of the next 5 years. Tube Fab earns a real rate of 16% on their money.

a) Determine the then-current amounts they will pay for steel at the end of each of the next 5 years.

b) Determine the constant value amounts they will pay for steel at the end of each of the next 5 years.

c. Determine Tube Fab's PW of expenditures over the next 5 years using then-current dollars.

d. Determine Tube Fab's PW of expenditures over the next 5 years using constant value dollars.

Include screen shots of any excel formulas used.