5. Using a financial calculator or online application, calculate the following: (a) The amount a person would need to deposit today to be able to withdraw $6,000 each year for ten years from an account earning 6 percent. IN 10 1/Y 6 PV (compute) PMT 6,000 FV o (b) A person is offered a gift of $5,000 now or $8,000 five years from now. If such funds could be expected to earn 8 percent over the next five years, which is the better choice? 5 8 IN 5 1/Y 8 PV (compute) 5,000 PMT O FV (compute) 0 8,000 (c) A person wants to have $3,000 available to spend on an overseas trip four years from now. If such funds could be expected to earn 6 percent, how much should be invested in a lump sum to realize the $3,000 when needed? IN 1/Y 6 PV (compute) PMT 0 3,000 FV (d) A person invests $50,000 in an investment that earns 6 percent. If $6,000 is withdrawn each year, how many years will it take for the fund to run out? N (compute) 1/Y 6 PV -50,000 PMT 6,000 FV 0