Allan wants to retire in 15 years at age 65. He has determined that he will need a capital sum of $2,354,000 at that time to provide his retirement income. He presently has a retirement plan with a current amount of S350,000 to which he will add $26,000 per year. Allan assumes that his pre- retirement and post-retirement rates of return will be 8%, and that inflation will average 3%. He expects to live to at least age 80 but wants to use age 95 for all calculations Retirement Planning Expense Method Required Retirement Amount Adjusted Rate of Return-890 Future Value of Assets 50 Current Age 65O 95 Retirement Expectancy 1st Year Retirement Income (for Q2) Shortfall (for Q1) Use the image above for additional information, answer the following questions stated below: (Q1 Demonstrate how close Allan will come to his goal of a capital sum of S2,354,000. (Q2) Calculate the amount of retirement income Allan can expect to receive when he retires at age 65. (Q3) If inflation was at a higher value, how will this affect Allan and why? List FOUR (4) possible impacts (assume investment returns cannot be safely improved)