2020 WORK MUST BE SHOWN TO RECEIVE FULL CREDIT If you use APP put values in formula o the formulas - that is do the formula and the APP to see if answers wrong!! put values in formula or list them. Try to verify that the values are the same with t is do the formula and the APP to see if answers match - if not something is PART 1: Use the given formula for the Future Value of an Annuity, A, to answer the following questions: A R. ( ( 1 + 12 ) 2 - 1] A = 12 After doing some research on retirement annuity accounts, you decide to invest in an account that pays an average yield of 4.5% compounded monthly. 1) (1 pt] If you begin investing money into your retirement account at the age of 25, how much do you realistically think you would be able to afford to invest per month? 2) [4 pts) Using the above amount as your regular monthly payment R, calculate the amount of money A, that will be in your annuity if you begin payments at the age of 25 and retire at the age of 67. 3) (4 pts) Using the same monthly payment amount R, calculate the amount of money that will be in your annuity if you wait to begin paying in at the age of 35 and retire at the age of 67. 4) [4 pts) if you were able to increase your monthly payment by $100 calculate the amount of money that will be in your annuity if you begin paying in at the age of 25 and retire at the age of 5) (4 pts) Using your new INCREASED monthly payment amount R, calculate the amount of money that will be in your annuity if you begin paying in at the age of 35 and retire at the age of 67. 6) (5 pts) Based on the results of your calculations in questions 2-5, what conclusions can you make? Give a thorough answer in 3-5 complete sentences. PART 2: When you solve the above equation for the regular monthly payment R you go Use the formula for R to help you answer the following questions: 1) (2 pts) What is your current age? What is a realistic amount that you would like to have in your annuity account when you retire? 2) (4 pts) If you decide to begin investing in a retirement account at your current age, how much would you need to invest each month to reach your desired amount by the age of 67? 3) [4 pts) If you wait 10 years before starting to invest a monthly amount, how much would you need to invest each month if you want to reach your desired amount by the age of 67? 4) [4 pts) If you wait 20 years before starting to invest a monthly amount, how much would you need to invest each month if you want to reach your desired amount by the age of 67? 5) [4 pts) Based on the results of your calculations in questions 2-4, what conclusions can you make? Give a thorough answer in 2-3 complete sentences