NEED EXCEL FORMULAS 1. Mike needs to earn $40,000 per year. How much does he need in an account today to generate this level of income for the next 30 years if the opportunity cost of money is 5%? 2. Mike still wants to retire, but he is concerned about inflation. If inflation runs at 3%, and he can earn 6% on his money how much does he need in an account to generate $40,000 in annual inflation adjusted income? 3. Sue wants to know how much she needs to save every year in a series of equal payments in order to save $1,000,000 in 20 years earning 8%? 4. The cost of college is increaseing by 5% annually. Martha can earn 7% on her college savings. She needs $43,000 in 10 years. How much must she save annually using a serial payment to keep pace with inflation? 5. Todd is saving $3,000 annually into an account. He plans to increase the annual level of savings by 5% each year. How much will he have in the account at the end of 20 years if he can earn 9% annually?