30. Justin won a contest at a local business that paid him a lump sum of $5,000. Justin, who just turned 22 years of age, has decided to invest his $5,000 for 45 years until he retires. During this time Justin believes that his account will earn 13% every year, compounded annually. As soon as he retires (exactly 45 years from today) Justin will start withdrawing retirement funds every year for an additional 33 years, but he plans to invest more conservatively at 8% compounded annually during retirement. How much can Justin withdraw each year in retirement? 31. You just graduated and you decided to purchase a new sports car to enjoy your newfound freedom. Your local credit union will provide financing for 84 months at a 15.2 percent annual rate, compounded monthly. The drive-out price of the car you are buying is $37,500. You must make a 10% down payment (i.e., you must pay the dealer $3,750 immediately) and then you will finance the remaining 90 percent of the purchase price with your credit union (i.c., with a 84-month loan at a rate of 15.2 percent p.a., compounded monthly). If your first payment is due exactly one month from today, what will be your required monthly payment