Question 6-Please help solve and give excel formula. Thank You

Excel File Edit View Insert Format Tools Data Window Help 89% Fri 8:31 PM AutoSave OFF FIN3403 Excel Assignment Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Calibri (Body) 12 AA D Wrap Text v General Paste BIUV A Merge & Center v $ ~ % " Conditional Format Cell Insert Delete Format Sort & Find & ideas Formatting as Table Styles Filter Select C53 X V fx A B D G H K L M 46 Question 5 A pleasant fellow has advised you via email that you are entitled to a $2 million inheritance. Putting specifics aside, PV 47 $4,902,714 you start to ponder the retirement nest-egg this could help you accumulate over the next 30 years. As a diligent finance Rate 48 $4,902,714 student you do some research and find that the money can be invested into an account paying a fixed 3% rate, Years 49 4 points compounded quarterly. How much retirement money would be in the account after 30 years? (round to nearest dollar) Years 50 FV= 51 52 53 54 Question 6 The person in the last question turned out to be dishonest and was looking to con you out of some money. After clearing 55 your mind and refocusing, you decide to calculate how much money you would need to put aside at the beginning of each 56 $9,933.64 month for the next 30 years in order to have the sum of money determined in Question 5. You estimate conservatively 57 5 points that your money will earn 2% a year, compounded monthly. What will your monthly contribution to the account need to be? 58 59 NOT DONE 60 61 62 Question 7 It must be your lucky week, because another nice fellow emails to inform you that you have won a British lottery. 63 $895,858 You must decide if you would like your lottery winnings paid out in a lump sum of $1,000,000 or receive annual 64 $895,858 end of year payments of $40,000 for 30 years. Assuming again that your money can earn 2% a year, what is the present Directions Questions to Complete Ready 150% NOV 3.141593 6 P X W