Use Excel to solve the following questions. Please show the Excel functions you use.

1. Consider a 5-year annuity with total annual cash flows of $1,000 per year. The APR is 16%. Find the annuitys present value in each of the following cases:
   1. Interest in compounded annually.
   2. Interest is compounded quarterly.

2. Joshua Grant wants to save money to meet two objectives. First, he would like to be able to retire 30 years from now with a retirement income of $30,000 per year for 20 years. Second, he would like to purchase a cabin 10 years from now at an estimated cost of $50,000. He can afford to save only $4,000 per year for the first 10 years. Joshua expects to earn 7% per year from investment over the next 50 years. Assuming he saves the same amount each year, what must he save annually from years 11 to 30 to meet his objective?