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54) The balance of a loan at any time before it is paid off is equal to the present value of the remaining payments, Since this is true, then calculate the current loan balance for the following problem. 5 years ago you took out a 15 year loan for 5300,000 at an annual rate of 12%. compounded monthly. What is the current balance of the loan which now has 10 year lette kclue - you must first calculate the monthly payment of the original loan. Question 55 1pts 55) George Smiley recently retired and has accumulated $3,500,000 in retirement savings. His broker informs him he can find investments that will pay 12% annually. He does not want to reduce the balance of his investments via withdrawals, therefore, what type of annual annuity will his retirement savings provide? 56) Assume the same parameters in outlined in #55, but further assume George has decided that he needs $550.000 per vear to maintain his Af acstyle. Assume a rate of return of 12%. How many years will his retirement savings last? Question 57 1pts 57) George's college classmate Harold is a bit more conservative and has moved to a log cabin in Vermont. He has total retirement savings of $3,500,000 and uses the same broker that promises a return of 12%. Harold wants to make his money last as long as possible and has a life expectancy of 35 years because the air is clear and Vermont has excellent maple syrup. He is currentiy 65 . How much can Harold take in withdrawals annually over the next 35 years