(a) Maria has just turned 30 years old. She earns an annual salary of $70000. She decided to deposit at the end of each year 10% of her salary into an RRSP account with the objective of building a pension fund. She expects her salary to increase by 3% each year. Assuming that her pension fund earns 5%/year compounded annually, how much money will Maria have in her pension fund if she retires at age 68?

(NOTE: If you did not fully answer part (a), assume for part (b) that the answer to (a) is $1000000. (b) Maria estimates that she will need $12000 per month for living expenses, starting upon turning 68. If the pension money earns 4%/year compounded annually, how long will Maria be able to live with that pot of money?

(explain with details please)