1.A newly-graduated engineer begins her job on her 23^rd birthday, and begins contributing to her retirement account from her first paycheck. For the purpose of simplifying the analysis you can assume her contributions are summed up into a single cash flow at the end of each year (e.g., her first deposit into the account occurs on her 24^th birthday). Her company has agreed to match her contributions up to 4% of her salary, so she elects to contribute 4% to get the full company match (so the total contribution to the fund is 8%). Her starting annual salary is $60,000, and its expected to increase an average of 3% per year. Her nominal annual MARR is 8%.

a.If her salary increases an average of 3% per year and she works at the company until her 55^th birthday, how much will be in the account at that time?

b.If she changes jobs, but keeps the money in her original account until she retires on her 65^th birthday, how much will be in her account at that time? You can assume that her nominal annual MARR remains at 8% compounded annually.

c.Based on the amount you calculated in part (b) how much will she be able to pay herself each year if she plans to take out a uniform sum for 25 years, assuming a standard cash flow (so her first withdrawal is on her 66^th birthday?) You can assume a MARR value of 8% for the entire time span.

d.Based on your answer from (b), how much can she withdraw each year if she wants the money to last indefinitely (i.e., forever?) if she begins withdrawing from the account on her 66^th birthday)? You can again assume a MARR value of 8% for the entire time span.

Based on your answers for c and d, will the engineer have enough money to retire given these scenarios if this is her only source of income during retirement? Briefly explain your reasoning, in 1-2 sentences.