So far, we have focused on future value. What about present value. Understanding what something is worth today is useful Watch the Concept clip called "Discounting" in Section 5-3 of the textbook. Which of the following represent the present value formula? FV = PV /(1+1n PV = 1/(FV+i) n PV = FV /(1+ly'n PV = FV *(1+i)n Read Section 55 Finding the Number of Periods You have reached retirement age and have saved $450,000. You would like to continue working until your retirement account reaches $1milion. If you invest your money at an annual interest rate of 5%, how much longer must you continue working in order to meet your goal assuming you save no additional funds? Assume annual compounding Round your answer to two decimals remember the rule about where to use a negative sign in the calculator otherwise you will see an ERROR) O 826 years 1.62 years 9.99 years 12 25 years