It has been proposed that in order to retire with the same lifestyle you currently have, you will need to have at least 1.5 million dollars saved by retirement. How much would you have to invest right...

It has been proposed that in order to retire with the same lifestyle you currently have, you will need to have at least 1.5 million dollars saved by retirement.

1. How much would you have to invest right now in order to achieve your goal? Assume you can find an investment that pays 5.6% compounded monthly. You're current age is 30 and youwould like to retire in 35 years.

    2.  What interest rate would you need in order to reach this goal if you             had $8000 to invest?