Chris Jones wishes to have $800,000 in a retirement fund 20 years from now. He can create the retirement fund by making a single lump-sum deposit today.

a. If he can earn 6 percent on his investments, how much must Chris deposit today to create the retirement fund? If he can earn only 4 percent on his investments? Compare and discuss the results of your calculations.

b. If, upon retirement in 20 years, Chris plans to invest the $800,000 in a fund that earns4 percent, what is the maximum annual withdrawal he can make over the following15 years?

c. How much would Chris need to have on deposit at retirement to annually withdraw$35,000 over the 15 years if the retirement fund earns 4 percent?

d. To achieve his annual withdrawal goal of $35,000 calculated in part c, how much more than the amount calculated in part a must Chris deposit today in an investment earning 4 percent annual interest?