(4 Points) You plan to retire after working for 45 years. You estimate you need $6,000,000 to retire and live comfortably. Assume time zero is today and you will retire at the end of 45 years. Other opportunities exist to invest available capital elsewhere and earn a nominal 7% interest rate each year compounded annually.
A. What amount would you need to invest each year, including today (Year 0 through 45), to fully fund your $6,000,000 retirement goal?
B. How much money will you be living on annually for the next 30 years after retirement (Year 46 through 76) if you reach your retirement goal of $6,000,000?