5. Jim Jorgensen, a nationally syndicated radio talk show host on financial matters, advises listeners that they can retire with $1,000,000 for only $2.74 a day. Assume that an interest rate of 8.5% compounded monthly is available and that there are thirty days in each month. How many years would it take to accumulate the $1,000,000 if you followed Mr. Jorgensen's plan? You organize an investment team to purchase a commercial property for $625,000. The bank demands a 20% down payment with the rest to be mortgaged (financed) at an annual interest rate of 6.725%. What amount is to be mortgaged? b. What will be the monthly payment if the length of the mortgage is 15 years? 30 years? What will be the total amount of interest (nearest a C. dollar) paid in each case? In Problems 1-4, find the APY (as a percentage rounded to two decimal places) for different values of M. Assume that $100 is invested for a year in each case. 1. R = .05 M = 2, 4, 12