Problem
An individual wants to ensure that in 15 years' time, when they plan to retire, they will have a pension fund of £240,000. They wish to achieve this by investing a lump sum now, rather than making regular annual contributions. If their investment is expected to grow continuously at an annual rate of 4.5%, how much will they need to invest now?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.