Aladdin's birthday is on 1st January. Today is Aladdin's 42nd birthday and he is trying to figure out his retirement plan. He plans to retire on his 65th birthday on which he wants to start receiving a fixed monthly retirement income of $8,000. Therefore, the first retirement income is on his 65th birthday, and subsequent monthly retirement income would be received at the beginning of each month. Aladdin estimates that he can live until he turns 90 years old. Therefore, he should receive 300 monthly payments in total. Currently, Aladdin has some savings in the bank as Aladdin has been depositing $200 at the beginning of each month since his 21st birthday. The last deposit of $200 was made on 1st December, one month ago. Starting today, Aladdin plans to increase the amount of his monthly deposit to the bank. Assume annual nominal interest rate of 6%, compounded monthly. (a) How much money does Aladdin have in his bank account today given that he has been saving $200 at the beginning of each month since he was 21 years old? (3 marks) (b) How much must Aladdin save at the beginning of each month from today onwards so that he can meet his retirement goal? Note that his last deposit will be on 1st December, one month before his 65th birthday. (7 marks)