1 Use Excel to calculate the future value of following investments, to the nearest cent.
a RATE $=0.05$, NPER $=3$ and PMT $=-700$
b RATE $=0.06$, NPER $=5$ and PMT $=-2000$
c RATE $=10 \%$, NPER $=4$ and PMT $=-1100$
d $\mathrm{RATE}=9 \%, \mathrm{NPER}=2$ and PMT $=-5000$

Step 1 ：Use the formula for the future value of an ordinary annuity: \(FV = PMT \times \frac{(1 + RATE)^{NPER} - 1}{RATE}\)

Step 2 ：Calculate the future values for each investment:

Step 3 ：a) \(FV = -700 \times \frac{(1 + 0.05)^3 - 1}{0.05}\) = \(-2206.75\)

Step 4 ：b) \(FV = -2000 \times \frac{(1 + 0.06)^5 - 1}{0.06}\) = \(-11274.19\)

Step 5 ：c) \(FV = -1100 \times \frac{(1 + 0.1)^4 - 1}{0.1}\) = \(-5105.10\)

Step 6 ：d) \(FV = -5000 \times \frac{(1 + 0.09)^2 - 1}{0.09}\) = \(-10450.00\)

Step 7 ：Final Answer:

Step 8 ：\(\boxed{a) Future Value = -2206.75}\)

Step 9 ：\(\boxed{b) Future Value = -11274.19}\)

Step 10 ：\(\boxed{c) Future Value = -5105.10}\)

Step 11 ：\(\boxed{d) Future Value = -10450.00}\)