You are trying to decide how much to save for retirement. Assumeyou plan to save $ 7,000 per year with the first investment madeone year from now. You think you can earn 7.5?% per year on yourinvestments and you plan to retire in??31 ?years, immediately aftermaking your last $ 7, 000 investment.

a. How much will you have in your retirement account on the dayyou? retire.The amount in the retirement account in 31years wouldbe?Round to the nearest? cent.)

b.? If, instead of investing $ 7,000 per? year, you wanted tomake one? lump-sum investment today for your retirement that willresult in the same retirement? saving,

how much would that lump sum need to? be?Round to the nearest?cent.)

c. If you hope to live for 20 years in? retirement, how much canyou withdraw every year in retirement? (starting one year after?retirement) so that you will just exhaust your savings with the20th withdrawal? (assume your savings will continue to earn 7.5?%in? retirement)?

The amount you can withdraw every year in retirement is? ?(Roundto the nearest? cent.)

d.? If, instead, you decide to withdraw $ 157,000 per year inretirement? (again with the first withdrawal one year after?retiring), how many years will it take until you exhaust your?savings? (Use? trial-and-error, a financial? calculator: solve for?"N", or? Excel: function? NPER) ??(Round to two decimal?places.)

You will exhaust your savings in? years (Round to two decimal?places.)

e. Assuming the most you can afford to save is $ 1,400 per?year, but you want to retire with $ 1,000,000 in your investment?account, how high of a return do you need to earn on your?investments? (Use? trial-and-error, a financial? calculator: solvefor the interest? rate, or? Excel: function? RATE)??

You will need a return of ?(Round to two decimal? places.)