3. Assume you would like to have an income of $100,000 per year for 25 years when you retire. How much would you need to have in your retirement account if you were to retire in 40 years. Assume the annual rate of interest is 6% compounded monthly. HINT: Use the PV function.

Interest: annual rate ? / 12 months = ? interest rate per period

Periods: ? years x 12 months = ? compounding periods

Salary: ? per year / 12 months = ? per month

PVA = $ ?