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Please provide answers in EXCEL with formulas following the format provide below. Thank you Steve has a son who turned five years old today. Steve

Please provide answers in EXCEL with formulas following the format provide below. Thank you
Steve has a son who turned five years old today. Steve wants to give his son a gift on his 22nd
birthday (seventeen years from today) that will pay for rent on an apartment in London,
England for 5 years. He expects the rental price to be $50,000 for the first year (due at the end
of the year) and grow at 3% each year afterward. The discount rate is 5%.[Total 14 Points]
a. How much money does Steve need to give his son on his 18th birthday? [4 points]
b. If Steve wants to invest the same amount of money into an account at the beginning of
each year (starting today) for the next seventeen years, how much must he invest each
year? The account earns 5% each year. [4 points]
c. Steve is not sure when he will be able to start investing money. Create a vertical data
table listing the yearly investment amount needed for the number of investment years
between 12 and 22 in 1-year increments. [3 points]
d. Create a two-dimensional table giving the investment amount needed for different
number of investment years and growth rates for rental prices. The vertical dimension
should be investment years between 12 and 22 in 1-year increments. The horizontal
dimension should be rental growth rates between -2% and 8% in increments of 1%.[3
points]
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