12. (24pts) You would like to retire when you turn 55 . You assume you will live to be 100 years old, and you estimate that you will need $120,000 per year while retired for expenses like housing, food, medical care, travel, entertainment, etc. Assume you are 22 today, and that you can earn a return of 8% per year on savings (this rate applies for the entire problem). a) How much money will you need on the day you retire to ensure you can spend $120,000 per year while retired? Assume that you only withdraw your money at the end of each year of retirement. b) How much do you need to save each year until you retire to ensure you achieve your goal from part a? Assume you make your savings deposits at the end of each year, with the last one on the day you retire. c) Now assume that you are going to receive an inheritance of $100,000 (someone will give you this money) in 10 years. How much money do you need to save every year until you retire to achieve your goal from part a. (Yes the inheritance affects how much you need to save annually.) Assume you make your savings deposits at the end of each year, with the last one on the day you retire. d) HOW would your answers to parts a, b, and c. change if your savings earned 10% per year instead of 8% per year. I don't need to see a number, just briefly explain if your answers would be higher or lower, and why (one sentence per previous part)