4. Future value of an ordinary annuity. Your client is 35 years old, and she wants to begin saving for retirement, with the first payment to come one year from now. She can save $4,000 per year, and you advise her to invest it in the stock market, which you expect to provide an average return of 8.5 percent. a. How much money will she have at 65 if she follows your advice? b. How much money will she have at 70 if she follows your advice? c. If she expects to live for 20 years in retirement when she retires at 65 and her investments continue to earn the same rate, how much could she withdraw each year after retirement (use the amount from 4a as her present value)? d. If she expects to live for 15 years in retirement when she retires at 70 and her investments continue to earn the same rate, how much could she withdraw each year after retirement (use the amount from 4b as her present value)