You are planning for a very early retirement, You would like to retire at age 40 and have enough money saved to be able to withdraw 5240,000 per year for the neaxt 40 yoar (based on tartiy tistory. you think you will live to age b0). You plan to save by making 10 equal annual installments (trom age 30 to age 40 ) into a farly risky investment fund that you eapect will kam tis ped year. Yos we leave the money in this fund until it is completely depleled when you are 80 yoars old. (Cick the icon to view Present Value of $1 table.) ( Click the icon to view Prasent Value of Ordraty Annuty of $1 table.) (Cick the icen to view Future Value of 51 table.) (Click the icon to view Future Value of Ordinary Annuity of $1 table.) Fresd the ceguicements. Requirement 1. How much money must you accumulate by retirement to make your plan work? (Hint Find the present value of the $240 , 000 withdrawals ) Flound your finst answar to ne nement whole doliar.) To make the plan work, you must acournulate this amount by rehirement Requirement 2. How does this amount compare to the total amount you will withdraw from the invesiment during tetirement? How can these numbers be so diferent? Over the course of your retirement you will be withdrawing However, by ago 40 you only need to have invested These numbers are diflerent because: A. You need to have the same amount accumulated as you will withdraw because you wil not aarn further interest on your impestrimant when you ceach rebiement. B. You need to have far more accumulated than what you will withdraw because you wil withdraw a farge portion of the investmant every year-the balance cemains investid when if C. You need to have far less accumulated than what you will withdraw because you only withdraw a porton of the mestment every year-ithe balance remaina invesind where it continies is continues to eam 8% interest. earn 8% interest. D. None of the above