Instructions: You are required to use a financial calculator or spreadsheet (Excel) to solve 10 problems (provided on page 5) on the applications of the time value of money. You are required to show the following four steps for each problem (sample problems and solutions are provided for guidance): (i) Develop a timeline (linear representation of the timing of cash flows). (ii) Identify the time value of money variable (PV, FV, PMT, N, or I/YR) that needs to be solved/calculated in the question. (iii) Identify the values of the remaining variables (PV, FV, PMT, N, or I/YR) from the questionbe sure to show positive or negative signs for the appropriate variables. (iv) Calculate the correct value of the variable identified in Step (ii). On the day Harry was born, his parents put $1,200 into an investment account that promised to pay a fixed interest rate of 6% per year. How much money will Harry have in this account when he turns 25 (round your answer to two decimal places)? At what rate must $287.50 be compounded annually for it to grow to $625.75 in 10 years (round your answer to two decimal places)? How much money must be put into a new bank account yielding 7.54%, compounded annually, in order to have $2,671 at the end of 15 years (round your answer to two decimal places)? Cliff deposited $9,000 in a brokerage account, and 10 years later he closes out the account, which is worth $20,500. What annual rate of interest has he earned over the 10 years (round your answer to two decimal places)? How much money do you need to place into a bank account that pays a 0.08% rate in order to have 5500 at the end of 9 years (round your answer to two decimal places)