Question: Please show equations and work as needed. Also make the answer clear. Thank You. You are saving for retirement. To live comfortably, you decide you

Please show equations and work as needed. Also make the answer clear. Thank You.

Please show equations and work as needed. Also make the answer clear. Thank You. You are saving for retirement. To live comfortably, you decide

You are saving for retirement. To live comfortably, you decide you will need to save $2 million by the time you are 65. Today is your 28th birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 10%, how much must you set aside each year to make sure that you will have $2 million in the account on your 65th birthday? 4,389 11,904 O 7,500 O 5,494 Suppose a ten-year $1,000 bond with an 8.5% annual coupon rate and semiannual coupons is trading for $1,034.21. What is the bond's yield to maturity (expressed as an APR with semiannual compounding)? 10.58% O 9.32% O 8.00% O 8.91%

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