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1. Lump Sum: How much do we need to set aside today to have $1,000,000...

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Accounting

1. Lump Sum: How much do we need to set aside today to have $1,000,000 in 10 years if we can earn 6% on our investment?

2. Payment at the beginning of the year: How much do we have to set aside at the beginning of each year on an annual basis to have the $1,000,000 in 10 years if we earn 6% on our money?

3. Lump Sum and Payment: If we put $250,000 in the bank today and make an annual payment at the end of each year, how much should each annual payment be for the next 10 years in order to have $1,000,000? Again, assuming we can earn a return of 6%.

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