Using Excel

Calculation question 4. (6) Assume you can save $400.00 per month ( 10% of your new $40,000.00 Salary) after you graduate and you think you can earn 8% annual returns on your investment, and you want to accumulate $2,000,000.00 before you retire. How long (months then convert to years) will it take to reach your goal? Calculation question 5. (6) Assume you just purchased a new tractor from John Deere and you financed $205,000.00 through their financing branch (John Deere Financial). You will make 5 annual payments at the end of each of the next 5 years of $48,247.00. What annual interest rate are they charging you? (don't forget to stretch your spreadsheet answer out to more places past the decimal than the Excel default)