I included the chart I would develop to identify theproblem's time value of money variables for the calculation. Pleaseuse a financial calculator or financial calculator application forall problems. To receive credit for your calculations, pleaseinclude the appropriate time value of money variables chart withyour response. There is no need to document the time value of moneyformula used, as provided in the textbook.

Using a financial calculator or online application, calculatethe following:

(a) The amount a person would need to deposit today to be ableto withdraw $6,000 each year for ten years from an account earning6 percent.

N	10
I/Y	6
PV	CPT
PMT	6,000
FV	0

(b) A person is offered a gift of $5,000 now or $8,000 fiveyears from now. If such funds could be expected to earn 8 percentover the next five years, which is the better choice?

N	5	5
I/Y	8	8
PV	5,000	CPT
PMT	0	0
FV	CPT	8,000

(c) A person wants to have $3,000 available to spend on anoverseas trip four years from now. If such funds could be expectedto earn 6 percent, how much should be invested in a lump sum torealize the $3,000 when needed?

N	4
I/Y	6
PV	CPT
PMT	0
FV	3,000

(d) A person invests $50,000 in an investment that earns 6percent. If $6,000 is withdrawn each year, how many years will ittake for the fund to run out?

N	CPT
I/Y	6
PV	-50,000
PMT	6,000
FV	0