3. You want to retire in 30 years and live on $50,000/year (ignore inflation and assume this is what you will live on). a. How much money will you need to have in 30 years to receive $50,000 per year for 35 years of retirement (PV of an ordinary annuity)? Assume you expect to earn a conservative 4% on your investments in retirement. b. If you can currently earn 8% on investments while you are working, what lump sum would you need to deposit today (PV of a lump sum) in order to have the necessary amount calculated in part a? c. If you can't afford the lump sum in part b., how much would you need to contribute monthly for the next 30 years to have the necessary amount calculated in part a.? Assume you can earn 8%/year, but it is compounded monthly. Solving for PMT but need to adjust interest rate and number of periods for monthly payments