3. You want to have $20,000 saved up for equipment purchases in five years. Assuming you can earn 5% on your investment, how much would you have to put in an account today for it to grow to $20,000 in five years? 1 15.670.521 D Instead of putting a "lump sum" in an account today, you decide to start making annual payments toward your goal. How much would you have to invest each year to reach your goal? 39 What if you decided to invest monthly instead of annually? How much would you have to invest in your mutual fund each month in order to reach your goal? (continue to assume a 5% annual return)

3. You want to have $20,000 saved up for equipment purchases in five years. Assuming you can earn 5% on your investment, how much would you have to put in an account today for it to grow to $20,000 in five years? Instead of putting a "lump sum" in an account today, you decide to start making annual payments toward your goal. How much would you have to invest each year to reach your goal? What if you decided to invest monthly instead of annually? How much would you have to invest in your mutual fund each month in order to reach your goal? (continue to assume a 5% annual return)