After completing your Bachelor of Business degree, lets assume that you secured a permanent position as an accountant. Your financial plan is to retire in 35 years from now. So you are thinking about creating a fund that will allow you to receive $36,000 at the end of each year for 25 years after your retirement. Your expected return on savings is 6.25% per annum during the 25-year retirement period. Required: a. To provide the 25- year, $36,000 a year annuity, calculate how much should be in the fund account when you retire in 35 years time. (2 marks) b. How much will you need today as a single amount to provide the fund calculated in part (a) if you earn 6.35% per year during the 35 years preceding retirement? (2 marks) c. What effect would an increase in the interest rate, both during and prior to retirement, have on the values calculated in parts (a) and (b)? Explain why. (2 marks) d. Assume that you will earn 6.95% per annum on your savings during the 35 years preceding your retirement and 6.55% during the 25-year period after your retirement. To fund the 25- year stream of $36,000 annual annuity payments, you will be making end-of-year deposits for 35 years. How much do you need to deposit annually? (3 marks)