You expect to contribute to an investment fundfor your

Chapter 2, Problem 2.62

(choose chapter or problem)

You expect to contribute to an investment fundfor your retirement over the next 30 years withan annual deposit of a yet-to-be determinedamount. Assume your goal is to have $2 millionavailable when you stop the annual despositsand that the fund is able to return 10% per yearevery year.(a) Determine if you will reach your goal for eitherof the following two deposit scenarios: (1)$12,000 each and every year; (2) $8000 at theend of next year for 15 years, followed by$15,000 deposits in each of years 16 through 30.(b) Determine the exact number of years necessaryto accumulate the $2 million if $12,000is deposited each year until the goal isachieved.(c) For a little more of a challenge, use only theFV function to determine the number ofyears necessary to attain the $2 million goalfor the second deposit scenario, assuming the$15,000 is deposited annually until the goalis achieved.