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Time taken to double your money

Task: 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.

Problem 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.

Problem 2. You deposit $5,000 in an account that pays 8% interest per annum. How long will it take to double your money?

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## Q : Explain the time value of money

Explain the time value of money using this scenario as an example.