Assume you are currently 25 years old and just received an inheritance of $1,000,000 from a wealthy relative. You hope to be able to fund your personal retirement account and still have some excess funds to buy your dream car. You want the retirement fund to grow to be $5,000,000 by the time you retire at the early age of 50. If an investment available to you will yield 7% per year, how much must you invest in a lump sum now to realize the $5,000,000 when you retire? Be sure to use the CORRECT table from the Appendix. $921,000 O $350,000 $921,251 O $1,000,000

Assume you are currently 25 years old and just received an inheritance of $1,000,000 from a wealthy relative. You hope to be able to fund your personal retirement account and still have some excess funds to buy your dream car. You want the retirement fund to grow to be $5,000,000 by the time you retire at the early age of 50 . If an investment available to you will yield 7% per year, how much must you invest in a lump sum now to realize the $5,000,000 when you retire? Be sure to use the CORRECT table from the Appendix. $921,000 $350,000 $921,251 $1,000,000