All answers should be in a single Excel file.
Show the step by step calculations how it was done and explained thoroughly by using excel:

1 If you deposit $15,000 today and earn 8% annual interest, how much will you have in 9 years?
Answer: $29,985.07

2 Tiffany will receive a graduation gift of $10,000 from her parents in 3 years. If the discount rate
is 7%, what is this gift worth today?
Answer: $8,162.98

3 What is the present value of a 20-year ordinary annuity of $30,000 using a 6% discount rate?
Answer: $344,097.64

4 You deposit $5,000 in an account that pays 8% interest per annum. How long will it take to double your money?
Answer: 9 years

5 The Johnsons have $60,000 to use as a down-payment on a house, and they want to borrow $240,000
from the bank. The current mortgage interest rate is 5%. If they make equal monthly payments for 30 years,
how much will the monthly payment be?
Answer: $1,288.37

6 Tim paid $250 per month into his 401K retirement plan. After 30 years, he had accumulated $500,000. What
average annual rate of interest had he earned over the 30 years?
Answer: 9.42%

7 Charlotte’s firm had sales of $525,000 in the year 2001. By 2012, sales had increased to $1,200,000. What was
the average annual rate of increase?
Answer: 7.80%