3. Assume that an annuity pays $120 annually for 10 years starting five years from now with a discount rate of 8%. (In other words, cash flows start at year 5 and goes through each year ending at year 14.) What is the present value of the annuity today? (Today is year =0 ) (3 Points) 4. You would like to have $2,000,000 saved when you retire in 30 years. If you put aside $20,000 annually at the end of the year for the next 30 years, assuming your investment returns 7% per year, can you meet your retirement goal? (Please show your work and state how much would you accumulate in 30 years.) (3 Points) 5. You are considering investing in a security which will pay you $80 at the end of each of the next ten years. If the security is currently selling for $603, what is the IRR for investing in this security? (3 Points)