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1. Your retirement goal is to have $3,000,000 available (in the bank) when you retire at age 67. Suppose your contribution into that plan consisted

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1. Your retirement goal is to have $3,000,000 available ("in the bank") when you retire at age 67. Suppose your contribution into that plan consisted entirely of a single lump sum pay made on your 25 th birthday. What is the size of the contribution needed to achieve your goal? Assume a 6% annual interest rate. a. $258,787.50 b. $259,582.20 c. $138,787.50 d. $139,582.20

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