1) If my age is 21 and 11 months (263 months), calculate how much money would you need to invest in a mutual fund each month, starting now, in order to accumulate $2,000,000.00 at age 59 ½ = 59.5 = 714 months), if the fund averages a 6% annual expected rate of return, compounded monthly, during that period of time (for example, 714 - 258 = 456 months)?
2) An event planner is organizing a conference, where the food service will charge a flat fee of $1,062 plus $5 per attendee to provide lunch. The planner has decided to set the ticket price for conference at $11 per attendee. How many tickets will the planner need to sell in order to break-even?