Question 16: (1 point)

PMT(rate, nper, PV, FV)

FV(rate, nper, pmt, PV)

Ingrid is using the Quantitative Reasoning Process tomake a plan to save money for her first car.She has $450 saved so far and plans to save $80 per month for the next 4 years. If she can save with an annual interest rate of 1.6%, which of the following commands will give Ingrid the final balance after 4 years?

(a)=PMT(0.016/12,4,-450,-80)

(b)=PMT(1.6/12,4*12,-450,-80)

(c)=FV(1.6,4,-450,0)

(d)=FV(0.016/12,4*12,-80,-450)

(e)=FV(0.016/12,4*12,-80,0)

Question 17: (1 point)

PMT(rate, nper, PV, FV)

FV(rate, nper, pmt, PV)

Alexander creates a plan to save$75 dollars a month for the next 16 years in an account with an annual interest rate of 1.7%. Which of the following excel commands will give Alexander the account balance at the end of 16 years?

(a)=FV(0.017/12,192,-75,0)

(b)=FV(0.017/12,16*12,-75*4,0)

(c)=FV(1.7/12,16*12,0,-75*4)

(d)=FV(1.7/12,16,-75, 0)

(e)=FV(0.017/12,16,0,-75)