Question: 7. You are a financial planner advising a client on her retirement. She wants to have sufficient funds in retirement so that she will

7. You are a financial planner advising a client on her retirement.

7. You are a financial planner advising a client on her retirement. She wants to have sufficient funds in retirement so that she will receive twenty payments of $120,000 each year with the first $120,000 payment to be received on 11 August 2049. Assume today is 11 August 2020 and an investment fund earns a constant return of 8% p.a. What amount must the client deposit into the fund today to achieve her financial plan?

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