Question: Note: use Monte carlo and Future Value A recent MBA would like your assistance to determine how much to save for retirement. He is planning

Note: use Monte carlo and Future Value A recent MBA would like your assistance to determine how much to save for retirement. He is planning to invest $3,000 retirement plan at the end of each year. The rate of return each year can be modelled as normally distributed random variable with a mean of 12% and a standard deviation of 2%.

a.If he is now 30 years old, how much money should he expect to have in his fund at the age of 60.

b.What is the probability he will have more than 1 million in his retirement plan when he reaches 60?

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