Your goal is to have $1 million in your retirement savings on the day you retire. to fund this goal, you will make one lump sum deposit today. if you plan to retire rather than and earn a rate of interest, then you can deposit a smaller lump sum today.

The answers are:

Explanation:

The value of money changes over time, and we expect it to increase as times goes on. If we invest $100 today, we expect that invested be worth more in one year, and even more in ten years.

So if we want to retire and have $1 million in our retirement savings fund, the amount we need to save today varies depending on 2 variables:

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