You are 20 years old and decide that you'd like to start saving for retirement. You decide to invest $1,000 per year for the next 45 years. Assuming you can get a 9% return on your investment each year, how much money will you have in 45 years? (Quite the return for only investing $45,000, eh?) Question 7 0.5 pts Your parents tell you that they will give you $10,000 as a gift when you graduate in four years. Assuming you can earn a return of 10% per year, what amount of money could they give you today that would be of equivalent value? D Question 8 0.5 pts Westbrook Corp is considering purchasing a triple-double producing machine to help with overall company production. The machine costs $175,000 and is expected to have an eight-year useful life with a salvage value of $16,000. Westbrook also expects to pay $15,000 to update the machine after 3 years of use. The machine is expected to generate $30,000 of net cash flow each year. Westbrook desires to earn a rate of return of 7%. What is the present value of the yearly net cash inflows? 0.5 pts