Suppose that you are planning to buy a boat in in 12 years [cell B3] for $100,000 [cell B2], and you deposit into your account the amount of $20,000 CAD [cell B1].

(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.