20 Marks Question 6 Bilbo has S50,000 is his bank account today (t-0). Bilbo will save an amount of money at the end of each vear in order to have $1,000,000 saving in his bank account when he retires in 30 years (t-30) from today. His first saving will occur at the end of the first year (I) and his last saving will occur at the end ofyear 30 (F30). The bank interest rate is 5%, with annual interest payment. Answer the following questions: a) If Bilbo saves a fixed amount of money every year, how much does Bilbo have to save 10 Marks] b) Bilbo's salary will be increasing by 2% each year till he retires. Bilbo's financial advisor suggests Bilbo that his annual saving to bank account keep up the same growth rate as his salary. If Bilbo adopts his financial advisor's suggestion, what is Bilbo's saving at [10 Marks to achieve his goal? the end of year 1 (-I)