Your grandparents are talking about their retirement in a year. They told you that they should have enough in their retirement funds to pull $50,000 a year for 20 years, starting one year from today. If the discount rate is 5 percent, how much should they have in their retirement account now? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)

You just welcomed a new born boy. You want him to go to Harvard and you estimated that he will need $80,000 a year for 4 years starting 18 years from today. You are wondering how much money you need to invest in today in an investment gives 4 percent annual return to pay your sons cost of college. How much do you need now? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)

Your friend brought up an investment opportunity that will generate cash flows of $5,000, $5,300, and $6,000 next three years, respectively. If your required rate of return on this investment is 12%, how much at most are you willing to pay? Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)