TVM: Use the most appropriate Excel functions (if one exists) to answer the following questions: 1. As the only grandchild of your great-great-grandparents, your grandfather received an inheritance from them when he was younger. He decided to invest the proceeds since he did not need the money at the time. When your grandfather passed away recently, the account balance was $1.75 million. The account earned an average APR of 6.5%, compounded annually. How much did your grandfather inherit 50 years ago? 2. You and your business partner are considering an investment which is projected to generate $80,000 per year in income, paid out quarterly, for 8 years. If you and your business partner require a return of 12% on investments of this risk, compounded quarterly, what is the most you and your partner should invest? 3. In 2008, Exxon Mobil Corporation (XOM) paid dividends of $1.55 per share. In 2017, dividends had risen to $3.06 per share. Over this period, what has been the average annual growth rate in dividends per share? 4. Based on current projections and lifestyle desires, you would like to have about $2.5 million set aside for retirement. If the contributions to your retirement account earn an APR of 9.5%, compounded monthly, how much do you need to deposit cach month to reach that goal in 35 years? 5. Kennedy is trying to become a multi-millionaire. If she saves $1,250 each month starting immediately, how many years until she accumulates 54 million? Assume her deposits are made into a mutual fund which she expects can eam 8.30% per year, compounded monthly 6. Your brother wants to begin saving for retirement. He told you he was going to deposit $350 into an account every two weeks when he gets paid. The account has an expected annual return of 7%, compounded every two weeks. How much less will his account balance be in 30 years if he proceeds with his current plan as opposed to following your suggestion of making the deposits at the beginning of each two week period? 7. If you deposit $20,000 into an account each year (interest compounded annually), versus depositing $5,000 each quarter (interest compounded quarterly) what would be the difference in the two accounts after 25 years? Assume that the APR is 6%. 8. Sullivan planned to spend his first two years after retiring traveling all over the world. Luckily, he planned ahead. He projected his adventures would require about $5.500 per month. He makes withdrawals at the beginning of each month. If he starting saving for his around the world trip 20 years ago, how much did he deposit at the end of each month in order to financially prepare for this journey? Assume his account carns an APR of 4%, compounded monthly