3. Aragon Manufacturing, Inc., wants to build a new factory in 4 years. Construction costs are estimated to be $12,500,000. Aragon's chief financial officer (CFO) recommends this funding plan: deposit an equal amount of money at the beginning of each month for 4 years to accumulate the needed $12,500,000. The money earns r = 6% annually. Data: (a) How much money should Aragon deposit each month? (b) Compute the interest Aragon earns on deposited funds. 4. Clyde reaches retirement at the age of 65. He has accumulated $2,400,000 in the bank. Clyde uses the entire amount (PV) to buy an annuity that will provide him with a guaranteed annual income for 25 years. The annual interest rate r =6.85%. Data: (a) How much annual income (R) can $2,400,000 buy over the 25-year retirement period? (b) Compute the interest Clyde earns over the 25-year period. 5. Emily deposits $550 at the beginning of each month for 12 years. The annual rate of interest r= 8.4%. Data: (a) How much money will Emily accumulate over the 12-year investment horizon? (b) Compute the interest Emily earns over the investment horizon