You are scheduled to receive annual payments of $$10mln$ per year, forever. If the appropriate interest

rate is $9\%,$ what is the present value of the payments?

You anticipate retiring in $39$ years and aim to have $$720000$ saved by then. You estimate that you will

be able to earn an annual return on your investment portfolio of $11\mathrm{.}25\%.$

If you start saving for retirement one year from today, how much will you need to save each year to

achieve your savings goal?

Assume that the annual return that you earn on your investment account is not your originally planned

$11\mathrm{.}25\%$ but rather only $4\mathrm{.}5\%.$ If you make the same annual payment as found above, by how much will

you fall short of your investment goal?

How much more would you have to save each year at this new interest rate $($of $4\mathrm{.}5\%)$ compared with

your original assumption $($of $11\mathrm{.}25\%)?$

Please answer with calculations.