Ashley Olson is early in her career and is now employed as the managing editor of a well-known business journal. Although she thoroughly enjoys her job and the people she works with, she would really like to be a literary agent. She would like to go on her own in about 9 years and figures she'll need about $55,000 in capital to do so. Given that she thinks she can make about 12 percent on her money.

1.)How much would Ashley have to invest today, in one lump sum, to end up with $55,000 in 9 years? Round the answer to the nearest cent.

2.) If she's starting from scratch, how much would she have to put away annually to accumulate the needed capital in 9 years? Round the answer to the nearest cent.

3.)How about if she already has $5,000 socked away; how much would she have to put away annually to accumulate the required capital in 9 years? Round the answer to the nearest cent.