I have to instead use the formula A = P(1 + r) ^tn

The desired savings is $1,600,000 the rest like saving amount, average return rate of investment and time is all up to you. Please help asap!!

This is the first part of the project.

Part II: Saving Now Choose two potential investment options (eg-savings account, mutual fund, CD etc.). Describe and discuss the pros and cons of each. Include rates of return! At the current rate of return for each investment, how much money, on average, do you need to be putting away each year in order to reach your desired savings? Use the formula A = 1. (1+7)91 where A is the desired balance, I is the annual saving amount,r is the average return rate of your investment, and t is the time you will be saving. Show your work Savings Option 1 Description Pros Cons Avg. Rate of Return Annual Investment Savings Option 2 Description Pros Cons Avg. Rate of Return Annual Investment Part I: Reflection on Future Needs Select a long term financial goal for yourself. This is something that you would like to have money for in the future, but cannot currently afford. It should be something for which you plan to save for multiple years. Possible examples include a retirement fund, a college fund for a child or other family member, a major vacation, or a down payment for a home. Answer the following questions. 1. What would you like to save for? 2. How much money do you need to save to meet your goal? 3. How long will you take to save the money? Is this deadline firm or negotiable? 4. What difficulties might you encounter as you save toward this goal? Part II: Saving Now Choose two potential investment options (eg-savings account, mutual fund, CD etc.). Describe and discuss the pros and cons of each. Include rates of return! At the current rate of return for each investment, how much money, on average, do you need to be putting away each year in order to reach your desired savings? Use the formula A = 1. (1+7)91 where A is the desired balance, I is the annual saving amount,r is the average return rate of your investment, and t is the time you will be saving. Show your work Savings Option 1 Description Pros Cons Avg. Rate of Return Annual Investment Savings Option 2 Description Pros Cons Avg. Rate of Return Annual Investment Part I: Reflection on Future Needs Select a long term financial goal for yourself. This is something that you would like to have money for in the future, but cannot currently afford. It should be something for which you plan to save for multiple years. Possible examples include a retirement fund, a college fund for a child or other family member, a major vacation, or a down payment for a home. Answer the following questions. 1. What would you like to save for? 2. How much money do you need to save to meet your goal? 3. How long will you take to save the money? Is this deadline firm or negotiable? 4. What difficulties might you encounter as you save toward this goal