Question 1 5 pts How much do you have today if you have been investing $500 each month for the past 10 years in a mutual fund that has enjoyed an average annual return of 6%? (5 Points) O $60,000 O $81,940 O $45,037 O $88,282 Question 2 5 pts Assuming an interest rate of 8%, how much do you need to have saved at retirement in order to withdraw/spend $3000 per month for 30 years following retirement? (5 Points) O $4,471,078 O $1,080,000 O $408,850 O $372,964 Question 7 20 pts Lets assume that you are 25 years old. You believe that you will be able to save for the next 30 years, until you are 55. For 10 years following that, till your retirement at age 65, you will have a spike in your expenses due to your kids' college expenses, weddings, travel etc and you will not be able to save. If you want to guarantee yourself $4000 per month, starting exactly one month after your retirement and for the remainder of your life, how much should you save each month for the next 30 years? Assume that your investments are expected to yield a 5% annual return and you expect to live till age 85. (20 Points) O $442 O $584 $728 $976