As a recent college graduate with a degree in Finance, you have been hired as an analyst by C&A Strategy, a NJ-based financial planning and consulting firm. C&A helps small businesses set up retirement plans for their employees as both a recruiting and retention benefit, and as a tax deduction. For your first assignment, Frank, C&As president, has asked you to participate in preparing a presentation for WillCorp, a small computer programming company that has the following 10 employees: Chris, Lisa, Chuck, Bob, Scout, Cole, Poppy, Myrtle, Miguel, and Mary. A chart detailing their birthdays and salaries has been provided. WillCorps owner wants to provide a traditional defined benefit (pension) plan, where the company would fund an investment account, with the hopes that he will be able to pay each employee 60% of their final years salary, starting at age 65, and lasting until the employees death. The companys owner will institute a mandatory retirement age of 62. You will be responsible for projecting out employee salaries from today until their retirement year when they reach the age of 62. You will then need to show how much money WillCorp will need to pay each employee the full value of the pension. Frank believes that he can earn a 9% rate of return on an investment portfolio for WillCorp. From your projections, you will need to determine how much WillCorp would need to contribute today to meet the full liability, and how much they would need to fund today if they made annua December contributions of $50,000. (Hint, project each employee individually and then add them up. The process is similar to the textbook example on retirement savings). Bonus: Because you did such a good job on this analysis, WillCorp has recruited you to become their new CFO in 2025 at a salary of $100,000. How will adding your salary and future pension benefit impact the analysis (Hint: add your information to the accompanying employee chart and calculate the same way. Assumptions: Annual pay increases of 5%. Life expectancy: Men 79 years, Women 80 years. Employee Birthdate Salary Chris 4/12/1985 $75,000 Lisa 7/21/1990 $80,000 Chuck 10/17/1997 $50,000 Bob 7/4/1994 $65,000 Scout 5/15/1988 $72,000 Cole 10/31/1985 $68,000 Poppy 8/6/1999 $40,000 Myrtle 12/5/1989 $82,000 Miguel 3/21/1996 $85,000 Mary 9/2/1997 $55,000