12) George is saving for retirement. He decides that after he retires, he will need $1,200 a month from his pension. His pension fund pays interest at an effective rate of 5% compounded monthly. a) If he plans to have enough in his pension fund to last for 25 years, how much will he need at the time he retires, assuming his first pension payment is on the day he retires? b) George is currently 37 . If he plans to retire at age 62 , how much does he need to contribute to the pension plan every month to achieve his target