3. Mr. Anderson is considering retirement. His current total saving is $1 million and he is looking for an investment opportunity with an EAR of at least 5%. (a) If some investment opportunities are quoted by APR with weekly compounding there are 52 weeks each year) what is the lowest quoted rate that is attractive to Mr. Anderson?(5pt.) (b) Suppose he successfully finds an investment opportunity promising an EAR OF 5% per year, so he invests all his Saving into that. If he needs $60,000 a year to support his current life standard, would his saving be enough to support him to maintain his life standard for 30 years?Explain.(7pt.) E BIU A -A- IE a - V G 12pt - XX, Paragraph