1. Solve the following financial problems using the time value of money functions in Excel (PV, FV, PMT, NPER, RATE, EFFECT) OR using your financial calculator.
   • Assume you deposit $3,000 today, and $300 at the end of each year, in an account earning 4% per year for 20 years. What is the future value?
   • General Electric has an unfunded pension liability of $300 million that must be paid in 15 years. The CFO deposits $10 million in account today to help meet this goal, and will also deposit $8 million at the end of the next 15 years, to meet this liability. What annual rate of interest must the account earn to meet the liability?
   • What is the present value of an ordinary annuity that promises $20,000 per year for 20 years if the appropriate discount rate is 5%?
   • What is the present value of an annuity due that promises $20,000 per year for 20 years if the appropriate discount rate is 5%?
   • What is the future value of an ordinary annuity that promises $60,000 per year for 10 years if the appropriate interest rate is 4%?
   • What is the future value of an annuity due that promises $60,000 per year for 10 years if the appropriate interest rate is 4%?
   • You recently received a credit card that quotes an annual percentage rate (APR) of 24%. The card requires monthly payments. What is the effective annual rate (EAR)?