7. What is a present value of an ordinary annuity? a. Your Uncle Bob would like some help planning his retirement Bob tells you, to live comfortably, he thinks he like to have $3,000 each month to live on during retirement and he is planning for a 20-year retirement Using the present value of an ordinary annuity, help Bob figure out how much he will need to have in the bank in 10 years to be able to retire 5% componded m onthly Number of years until he can retire: Monthly amount he thinks he might like to receive during retirement: Number of years of retirement: b. Take your answer from parta and calculate how much he would have to invest now to have that amount by retirement (lump sum amount). c. Assume that the amount you found in part b is more than Uncle Bob has lying around to invest right now. Instead. calculate how much will he need to invest each month from now until he retires? d. Now, Uncle Bob realizes he forgot to tell you that he already has $150,000 saved in the bank) for retirement. How does that change your answer to part c