1. You are 25 years old and need to have $1,020,000 in savings before you retire at age 75. You estimate you will receive an annual return of 8% on investments.

a. How much do you need to put into retirement savings on an annual basis? (Input your answer as a positive value. Round your answer to 2 decimal places.)

b. How much do you need to put into retirement savings on an annual basis if you get an annual return of 9%? (Input your answer as a positive value. Round your answer to 2 decimal places.)

2. You are just starting your first job out of college. You and your best friend are competing to see who will have more in their savings when you retire; you both plan to retire at age 57, just 36 years out. You will need $3.7 million to retire.

a. If you average an annual return of 6% on your investment, how much do you need to put into retirement savings on an annual basis? (Input your answer as a positive value. Round your answer to 2 decimal places.)