17) You would like to begin saving for Retirement . Your goal is to have $1,500,000 invested on the day you retire. You set a retirement date of 12/31/2058. You will make your first deposit to your savings account on 1/01/2018. Assu ming you can earn 5% annual interest on your investment, and that the financial institution will compound interest monthly, what monthly investment will be necessary to meet your financial goal? Monthly Investment Assume it is now 1/01/2058 and you have been successful in saving S1,500,000. You would now like to convert the $1,500,000 to an Annuity that will pay you a monthly payment for the next 30 years beginning immediately. At the end of 30 years the Annuity will be exhausted. You assume that Annuity products such as this will pay 4% annual interest, what will the monthly Annuity Payment be? Monthly Annuity Payment If inflation is 3% year over your 40-year working life, what is the approximate value of your monthly annuity payment calculated above in 2017 dollars? Annuity Payment in 2017 dollars