(Calculating present value) (Related to Checkpoint 5.4 on page 173) Thomas Hill would like to have £1,500,000 at the time of his retirement, which is due in 40 years’

time. He has found a fixed income fund that pays 5 percent per annum. How much does he have to invest today? If he invests in a tracker fund that pays 15 percent per annum, how quickly can he retire?