9. Your uncle would like to have enough money saved after retirement such that he and his spouse can receive $650,000 per year in perpetuity from his fixed annuity investments which he purchased from NY Life Insurance Company. How much would he need to have saved at the time of his retirement in order to achieve this goal? (Assume that the perpetuity payments start one year after the date of his retirement. The annual interest rate is 12.5%. Show work in the space below. 10. Now, suppose your uncle would like to have enough money saved to receive a growing variable) perpetuity for the foreseeable future, growing at a rate of 5% per year, with the first payment of $650,000 occurring exactly one year after his retirement. How much would he need to save in his retirement fund to achieve this goal? (The interest rate is now at 12.5% a. $13,000,000 b. $81,250 c. $5,200,000 d. $8,666,667 e. $48,750