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Your lovely wife has decided to buy you a vacuum cleaner for your birthday (she always supports you in your hobbies . . .). She

Your lovely wife has decided to buy you a vacuum cleaner for your birthday (she always supports you in your hobbies . . .). She called your best friend, a manager of a vacuum cleaner store, and he has suggested one of two payment plans: She can either pay $100 now or make 12 monthly payments of $10 each, starting from today. What are the monthly IRR and the EAIR of the payment-over-time plan? (Answers: 3.503%, 51.16%).

Please show how to do in Excel and the formulas used.

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