It has been proposed that in order to retire with the same lifestyle you currently have, you will need to have at least 1.5 million dollars saved by retirement. How much would you have to invest right now in order to achieve your goal? Assume you can find an investment that pays 5.6% compounded monthly. You're current age is 30 and youwould like to retire in 35 years.      2.  What interest rate would you need in order to reach this goal if you             had $8000 to invest?

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A: The present value of money refers to the concept that money available in the future is worth less…

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A: Future Value of Annuity = Amount * (((1 +Rate of Interest)N-1 )/Rate of Interest)Where,Amount =…

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A: Future value=$500000Period=n=30 yearsInterest rate=r=10%

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A: Time value of money is one of useful concept being used in finance. It says that amount invested…

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Q: If you could invest the mon

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A: Present value:Present value is a financial concept that calculates the present value of future cash…

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A: Future value: This is the amount of present value accumulated or compounded at a rate of interest…

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A: In this question, we are required to determine the future value.

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A: Time value of money concept explains that money received at present has higher worth than the same…