After you retire you expect to live for another 25 years. Assume you are successful in accumulating $10,000,000 on your retirement date. You now decide to move your investments into something safer: a bank account paying 5% compounded monthly

a. what effective annual rate (EAR) is the bank paying?

b. you wish to withdraw a constant amount at the beginning of each month during your retirement years. How large can each withdrawal be to just exhaust your account at the end of the 25 years?

c. If you decide to live high on the hog and withdraw$100,000 at the beginning of each month, after how many months would you run out of money?

d. Now suppose that instead of putting all your money ina bank account you elect to invest some of in shares of the common stock of a company that pays annual dividends. the consensus forecast of anlaysts is that the next dividend this stock will pay will be $2.50 in one year and that the dividend will grow at a rate of 7% for the foreseeable future. If you require a 14% rate of return on this investment, how much should you pay for each share?

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