Suppose you are 30 years old and would like to retire at age 65. Furthermore, you would like to have a retirement fund from which you can draw an income of $100,000 per year-forever! How much would you need to deposit each month to do this? Assume a constant APR of 6% and that the compounding and payment periods are the same. To draw $100,000 per year, there must be $☐ in your savings account when you retire. (Do not round until the final answer. Then round to the nearest integer as needed.)

You want to retire in 20 years. You currently have $200,000, and think you will need $1.5 million at retirement. What annual interest rate must you earn to reach your goal, assuming you don’t save any additional funds?  What annual interest rate must you earn if you can contribute an additional $5,000 per year?  What annual interest rate must you earn if you can contribute an additional $15,000 per year?   You want to retire in 30 years. You currently have $500,000, and think you will need $2.5 million at retirement. What annual interest rate must you earn to reach your goal, assuming you don’t save any additional funds? What annual interest rate must you earn if you can contribute an additional $7,500 per year? What annual interest rate must you earn if you can contribute an additional $13,000 per year?

You want to retire in 25 years. You currently have $150,000, and think you will need $1.3 million at retirement. What annual interest rate must you earn to reach your goal, assuming you don't save any additional funds? 9.02% What annual interest rate must you earn if you can contribute an additional $7,500 per year? 5.54% What annual interest rate must you earn if you can contribute an additional $15,000 per year? 3.69% You want to retire in 35 years. You currently have $250,000, and think you will need $2 million at retirement. What annual interest rate must you earn to reach your goal, assuming you don't save any additional funds? 6.12% What annual interest rate must you earn if you can contribute an additional $5,000 per year? 4.52% What annual interest rate must you earn if you can contribute an additional $13,000 per year? 3.02%

You are saving for retirement. To live comfortably, you decide you will need to save $3,000,000 by the time you are 65. Today is your 30th birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 6%, how much must you set aside each year to make sure that you will have $3,000,000 in the account on your 65th birthday? The amount to deposit each year is $ (Round to the nearest cent.)