what are the formulas for the red boxes?

You have no retirement savings upon graduation from college, but you can afford to save $5,400 annually starting today, until retirement. If you hope to have $1,000,000 in savings when you retire, and can earn 6% on your investments over the years, how many years must you work before retiring? Round to the nearest whole year Annual investment Rate of return Goal 5.400 60% 1.000.000 Years to work Recalculate problem w1 to reflect the situation in which you already have $25,000 saved at the time you graduate. If the goal rate and number of years to retirment are the same. what annual payment must be made? Assume the first payment will be made one year from today 800 000 43 Goal: Years APR Current Savings: 25,000 Future Value of Current Savings Additional need to make goal Required annual contribution 172.902.97 627,097 03