Suppose that you are planning to buy a boat in in 11 years [cell B3] for $100,000 [cell B2], and you deposit into your account the amount of $24,000 CAD [cell B1].

Problem #3: Suppose that you are planning to buy a boat in in 11 years [cell B3] for $100,000 [cell B2], and you deposit into your account the amount of $24,000 CAD [cell Bl]. A B C Present value Future value Years Annual rate almlalwlelHL (a) What average annually compounding rate of return (as a percentage, correct to 2 decimals) should you earn so you can accumulate the lump sum needed to achieve your goal [cell B5]? Use the RATE function. (Note: You might have to modify the format of cell B5 so that it shows 2 decimals.) (b) What is the correct formula (using 18 characters or less) that should be placed in cell B5? Note: There are to be NO numbers in the function call (apart from a 0 if appropriate), only cell references, or negative cell references where appropriate. Problem #3(a}: I Answer correct to 2 decimals Problem #3{b}: I Just Save Submit Problem #3 for Grading