02 w 3 5 6 Question 12 (15 points) Riley Company just hired another employee - Barbara. The Riley Company provides supplemental retirement benefits to its employees realizing the insufficiency of the Social Security benefits for a comfortable retirement life. Riley has asked you to perform the necessary computations pertaining to the retirement benefits for Barbara. Barbara's current salary is $28,000. Barbara will be entitled to this supplementary retirement benefits after 25 years of work- the start of the 265 year. The retirement plan will last for 20 years. Per company practices, Barbara will be granted with a year-end salary increase of 4% per year effective Jan 1st of each year that she works. The amount of annual retirement benefit is going to be 40% of her Barbara's salary right before the start of the retirement and will be paid at the start of each year. Any invested funds for pension will earn 6% compounded annually, Compute: 8 9 11 12 Example of Answer: 4000.20 (Two decimal points. No comma, space, or s sign) Click here to use Excel Compute Barbara's annual retirement benefit Page 1 Click here to use Excel 3 Compute Barbara's annual retirement benefit. 4 5 6 Answer - 7 9 op! > Assume your answer to above question is $30,000. What amount must be on deposit right before the start of Barbara's retirement in order to assure that all the retirement benefits will be paid? 10 11 12 Answer 13 Assume your answer to the above question is $300,000. What amount should Riley Company set aside at the end of each year for the next 25 years (during the years that Barbara is working) in order to assure that all the retirement benefits will be paid and honored