Brett is a 25-year-old researcher at Texas Parks and Wildlife. He makes $60,000 per year. Your firm uses an end age of 95 and a top-down ratio of 78%. Brett has 1 kid and wants to have another. He'd like to make sure his heirs get $1,000,000 at the end of his life. He wants to be aggressive in his investments while he works (9% rate of return), and conservative during retirement (5% rate of return). Average inflation of 2% is anticipated. He does not expect to get social security, so he doesn't want it to be factored in. He wants to know how much he needs to save in his 401k to have a successful retirement if he retires at age 67. For Step 1 - Calculate the amount he will need each year BEFORE inflation during retirement: (use a positive number, round to the nearest whole dollar)

Suppose that a major city’s main thoroughfare, which is also an interstate highway, will be completely closed to traffic for two years, from january 2014 to december 2015, for reconstruction at a cost of $535 million. if the construction company were to keep the highway open for traffic during construction, the highway reconstruction project would take much longer and be more expensive. suppose that construction would take four years if the highway were kept open, at a total cost of $800 million. the state department of transportation had to make its decision in 2014, one year before the start of construction (so that the first payment was one year away). so the department of transportation had the following choices: (i) close the highway during construction, at an annual cost of $267.5 million per year for two years. (ii) keep the highway open during construction, at an annual cost of $200 million per year for four years. now suppose the interest rate is 80%. calculate the present value of the costs incurred under each plan.