Solve the following questions using TVM functions in Excel. You will receive no credit if you type in numbers instead of using equations/functions/references in cells other than inputs.

5. Assuming no income or holding costs during the period, if you purchased a vacant parcel of land five years ago for $1,500,000, how much would you have to sell it for to yield a 7% annual return on your investment? 6. Calculate the IRR and NPV for the following cash flows. Assume a 10% discount rate. Year 0 1 2 3 4 5 Project 1 Cash flow -$30,000 2,000 4,000 5,000 15,000 20,000 Project 2 Cash flow -$30,000 20,000 15,000 5,000 4,000 2,000 7. If your tenant pays you rent of $30,000 a year for 10 years at the beginning of each year, what is the present value of the series of payments discounted at 7% annually