After graduating from JCU 10 years ago, Harry has been able to save $1,000 monthly, and he has not used his savings till now. Banks savings interest rate stays unchanged at 1% p.a. throughout the last 10-year. In addition, Harry thinks 10% of his savings should be used for the emergency funds, and the remaining should go to investments. Thus, Harry starts planning to establish his retirement fund in 20-year times and feels he will need $1,000,000 to do so by the age of 55. Assume Harrys savings remain consistent and constant throughout the years. a. If Harry considers his relatively high risk appetite to invest in S&P 500 ETF, which on average generates 12% p.a. over the last 10-year assuming no significant changes in the risk and expected return, how much Harry will receive in 20-year if he invests his lump-sum savings today in S&P 500 ETF? Will Harry have $1,000,000 he needs in 20 years? (8 marks) b. According to a report on retirement planning in Singapore, Harry thinks he probably needs $2,000,000 to support his post-retirement lifestyle when he reaches 55 years old. Given your answer in part (a), how much more Harry needs for his retirement fund? In addition to Harrys investment based on his accumulated savings in part (a), how much Harry should invest monthly over next 20-year to achieve an additional fund needed, assuming S&P 500 ETFs expected rate of return remains at 12% p.a.? What if Harry could only invest $500 monthly, what advice you will give Harry to achieve his retirement goal?