D) 8.97% E) 17.39% 6. You have just made your first $4,000 contribution to your retirement account. Assume you earn a return of 8 percent and make no additional contributions. What will your account be worth when you retire in 45 years if you wait 9 years before contributing? FUTURE VALUE OF YOUR ACCOUNT WHEN YOU RETIRE= 7. Bilbo Baggins wants to save money to meet three objectives. First, he would like to be able to retire 30 years from now with retirement income of $24,000 per month for 20 years, with the first payment received 30 years and 1 month from now. Second, he would like to purchase a cabin in Rivendell in 10 years at an estimated cost of $408,000. Third, after he passes on at the end of the 20 years of withdrawals, he would like to leave an inheritance of $550,000 to his nephew Frodo. He can afford to save $2,300 per month for the next 10 years. If he can earn a 12 percent EAR before he retires and a 10 percent EAR after he retires, how much will he have to save each month in Years 11 through 30? A) $1,853.65 B) $1,780.96 C) $1,817.30 D) $2,381.88 E) $2,789.33