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Time Value of money using excel

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In the attachment below are questions I am having a hard time figuring out. Can you show your work (formulas) so that I understand how you came to the answers?

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This solution helps solving time value of money problems using excel.

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Time Value of Money:
1. Alan had saved up $500,000. How much more must he save each year over the next 20 years in order to have a total of $1 million? Alan earns 5% interest, compounded annually.
2. You deposit $5,000 in an account that pays 8% interest per annum. How long will it take to double your money?

At each question the solution cell must contain the Excel formula (Function) that produced the answer. - Replace the existing numerical contents.- Also add a brief explanation of how the answer was derived and the significance of the question in understanding the Time Value of Money.

1. Alan had saved up $500,000. How much more must he save each year over the next 20 years in order to have a
total of $1 million? Alan earns 5% interest, compounded annually.
Answer: $9,878.71

Hint: Use the Excel PMT function.

2. 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
Hint: Use the Excel NPER function.
Use the Rule of 72.

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