3. You are getting married tomorrow, and your father-in-law-to-be is very rich. He is going to give you and your new spouse a gift of $250,000, which you have both agreed will be used to establish the financial foundation for your futures. You are both 30 now, and want to be able to retire while you are still fairly young. You have $ 123,456 left on your mortgage , which you want to pay off first. You will add the rest to the current amount in the investment account ( answer to question 2) and leave it alone. You will not add any more monthly payments , though . How much will be in this account when you turn 55 What is the annual withdrawal you can make for the following 30 years if the balance continues to earn 7.4% annually?
