You are trying to decide how much to save for retirement. Assume you plan to save $5,000 per year with the first investment made one year from now. You think you can earn 10% per year on your investms and you plan to retire in 43 years, immediately after making your last $5,000 investment a. How much will you have in your retirement account on the day you retire? If, instead of investing $3,000 per year, you wanted to make one lump-sum investment today for your retirement that will result in the same retirement saving, how mach would tat mp sum need to be? If you hope to live for 20 years in retirement, how moch can you wihdraw every year in retirement (starting one year after retirement) so that you wil just exhaustyour savings with the 20th withdrawal (assume your savings will continue to earn 10% in retirement)? d. If, instcad, you decide to withdraw $300,000 per year in retirement (again w the first withdrawal one year after retiring), how many years will isake until you exhaust your savings? Assuming the most you can afford to save is $1,000 per year, but you want to retire with S1 million in your investment account, how high of a return do you need to earn on your investments? Annual saving Interest rate Years to retirement a. How much will you have in your retirement account on the day you retire? Future valuc If, instiead of investing $5,000 per year, you waned to make one lump-sum investment today for your retirement that will result in the same retirement saving, how mach would that ump sum need to be? Lump-sum investment If you hope to live for 20 years in retirement, how much can you withdraw every year in retirement (starting one year after retirement) so that you will just exhaust your savings with the 20th withdrawal (assume your savines will continue to earn 10% in fetretett ? Years of withdrawal Annual withdrawal If, instead, you decide to withdraw $300,000 per year in retirement (again w the first withdrawal one year afier retiring), how many years will itake until you cxhaust your savings? Annual withdrawal Number of periods Assuming the most you can afford to save is $1,000 per year, but you want to retire with $1 million in your investment account, bow high of a return do you need to carn on your invessments? Annual saving Future value Rate of return