I know I probably did them wrong but please check and tell me what I need to fix, this is using excel

1. Assume that your father is now 50 years old, that he plans to retire in 10 years, and that he expects to live for 25 years after he retires. He wants a fixed retirement income of $40,000 per year. His retirement income will begin the day he retires and he expects to receive semi-annual payments. He currently has saved up $100,000 and he expects to earn an average of 6% per year compounded quarterly; he intends to use his savings to reduce his payments. How much will your dad need to save semi-annually over the next 10 years to meet his retirement goal?

First I calculated the Future value of retirement income and used semi-annual payments =FV(0.06/2,10,,-40000) = 53,756.66
Then Future Value of savings quarterly, =FV(0.06/4,10,,-100000) = 116,054.08
Then present value =PV(0.06/4,25,-53,756.66)= 1,113,816.99
Then I found the amount need to save to reach goal by 1,113,816.99-116,054.08=997,762.91


2. You presently drive a 10 year old car. You think it should last seven more years; at that time you want to buy a Volvo. The model you love is currently selling for $50,000, and experience tells you that the price will increase by 5% per year. You can invest in high-yield bonds and can earn a compound annual rate of return of 9%. How much do you need to invest at the end of each of the next seven years to be able to buy your “dream” at the end of seven years?

I used payment function =PMT(0.09,7,-50000,32500)=6,402.08


3. Your client wants to plan for his retirement in 10 years. He has $200,000 in a savings account that will pay 4% interest, compounded quarterly. He has a stock portfolio of $500,000 that should grow by 11% annually. He also will put $10,000 at the beginning of this year into a special savings vehicle that earns 8% compounded monthly. When he retires in ten years, he wants to draw out the funds semi-annually over fifteen years at the beginning of each period. For those years, interest should be 6%. What will the retirement payments be each semi-annual period?

I found Future value savings account =FV(4%/4,10,,-200000) = 220,924.43
Future Value Stock Portfolio =FV(11%,10,,-500000) = 1,419,710.49
Future Value Savings Vehicle =FV(8%/12,10,,-10000) = 10,687.03
Then I added them Up to get the total of 1,651,321.94
Then I used Payment Function =PMT(0.06/2,15,-1,651,321.94) = 138,325.59


4. Kobe Bryant of the L.A. Lakers was just traded to the Miami Heat. He was offered two contracts and he must choose one. The options are:
a) A signing bonus of $20 million and a salary for six years of $5 million per year, payable monthly on the beginning of each month or
b) A $13 million signing bonus and a salary of $2.5 million paid once a year at the beginning of each year for 20 years.
Interest rates for both options are 6% annually.

a) =FV(0.06/12,6,-5000000,-20000000) = 50,985,059.58
b) =FV(0.06,20,-2500000,13000000) = 50,271,216.87