(2) You will receive $530,000 now, and you will not have to pay taxes on this amount. In addition, beginning one year from today, you will receive $125,000 each year for 30 years. The cash flows from this annuity will be taxed at 28 percent. Using a discount rate of 10 percent, which option should you select?

f. You want to be a millionaire when you retire in 40 years. How much do you have to save each month if you can earn a 10 percent annual return? (SOLVE USING Excel approach only)