Please use Excel to answer the following TVM questions. You can use this spreadsheet to set up your calculations if you so desire. Unless indicated otherwise, assume that all of the problems are ordinary annuities (payment made at the end of the period).

Part 2 My daughter wants to save some money. She is going to put $100 into the bank for one-year. The bank is offering an annual interest rate of 2.5%, compounded daily (assume 365 days per year). At the end of one year, how much money will my daughter have in the bank?

Present Value (PV) =

Future Value (FV) = Payment (PMT) =

Payments or periods per yr (P/YR) =

Annual Interest Rate (RATE) =

Number of periods (NPER) =