You want to retire in 30 years. You estimate that you will need $1,500,000 in savings to retire. If you can invest in an account paying an annual interest rate (APY) of 7.5%, how much would you need to invest as a lump sum today to meet your goal? 2. a. $179,566.22 c. $171,331.55 b. $164,988.45 d. $175,467.02 3. You have $12,000 to invest today. You want your investment to grow to $18,000 in 7 years. What must your interest rate be to reach your goal? a. c. 5.96% 5.49% b. 6.21% d. 6.31% 4. Through your employer, you have $2,500 per year placed in a retirement account. If the account earns an average of 7% per year, how much money will be in the account at the end of 25 years? a. $147,366.43 c. $151,891.54 b. $181,032.77 d. $158,122.59 You want to set up a savings plan to purchase a house. You would like to have $30,000 in savings to buy a house in 6 years. If you can earn a rate of 5%, how much money would you have to place in the account per month? 5. a. $384.01 c. $358.15 b. $67.48 d. $341.97