Part I: Reflection on Future Needs Select a long term financial goal for yourself. This is something that you would like to have money for in the future, but cannot currently afford. It should be something for which you plan to save for multiple years. Possible examples include a retirement fund, a college fund for a child or other family member, a major vacation, or a down payment for a home. Answer the following questions. 1. What would you like to save for? 2. How much money do you need to save to meet your goal? 2. How long will you take to save the money? Is this deadline firm or negotiable? 4. What difficulties might you encounter as you save toward this goal? Choose two potential investment options (eg- savings account, mutual fund, CD etc.) . Describe and discuss the pros and cons of each. Include rates of return. At the current rate of return for each investment, how much money, on average, do you need to be putting away each year in order to reach L. your desired savings? Use the formula A =1 220 71 \\here A is the desired balance, Iis the annual r saving amount, r is the average return rate of your investment, and tis the time you will be saving. Show your work. Savings Option 1 Avg. Rate of Return --- T Savings Option 2 | Description | Pros | = Cons | Avg.RateofReturn' Annual Investment Part llI: Putting it Together: Summarize your previous work in a saving plan', including the following information in your plan. - - - The goal that you are saving toward How much money do you need to save? How will you invest your money while saving? Give details of your reasons for choosing this investment option. You should describe all options you considered (including return rates, pros and cons, and information sources) and discuss which factors influenced you to choose one option over another. How much will you invest each year? How long will it take for you to meet your goal? What roadblocks might you encounter and how will you address them? Your response should be in short essay format and should include all requested information, even if you included it in a previous part of the project. Remember to reference sources for all information used