1.Jamie is 31 years old. She has a great work ethic and loves her job of caring for children. She plans to retire at age 70. Jamie's average monthly salary will be $6,000 throughout her career. She dutifully saves 10% in her 401k retirement plan which she assumes will earn a consistent rate of 11.5%. Once Jamie retires, she wishes to set aside a quarter of her savings for charity and a quarter for her children which they will get upon her expected death at age 105 (old age runs in the family). During retirement, Jamie will continue earning 11.5% on her savings.

a.How much will Jamie have at age 70 when she retires? ***

b.How much will Jamie leave charity and her children assuming all funds stay invested throughout her life? ***

c.What will Jamie's monthly retirement income be given all of the above, assuming this is her only income. ***