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3.) You would like to begin saving for retirement. You plan to work for 40 years. When you retire in 40 years your goal is to have $2,000,000 in your retirement account Assuming you can earn 5% annual interest on your investment, and that the financial institution will compound interest monthly, what monthly investment will be necessary to meet your financial goal? Assume that you will make the first monthly deposit immediately. Monthly Investment Assume it is now 40 years in the future. You have been successful in saving $2,000,000. You would now like to convert the $2,000,000 to an Annuity that will pay you a monthly payment for the next 30 years, beginning immediately. At the end of 30 years the Annuity will be exhausted. Annuity products such as this pay 4% annual interest, compounded monthly. What will the monthly Annuity Payment be? Monthly Annuity Payment Assuming inflation is 3%/year over your forty-year working career, what is the purchasing power of the Annuity Payment above in today's dollars? Purchasing power in today's dollars