Please show work - Various retirement options. You have a target to have a lump sum of $5,000,000 available when you retire at age 65. The different options, with their payment schedules, are below. What are the payments that need to be added into the options to make sure you have $5,000,000 available? The opportunity cost of funds is 8% each year.
Option A: Single lump sum at age 30
Option B: Single lump sum at age 55
Option C: Equal annual payments, starting at age 35 and ending at age 65
Option D: Equal annual payments, commencing at age 55 and ending at age 65
Option E: Equal annual payments, commencing at age 60 and ending at age 65