Charlotte is looking to fine tune her retirement plan. She currently had $325,000 saved up and is looking to retire in 15 years when she is 55 . Given the following information below, calculate the pre-retirement rate of return that she would need to achieve if she were to contribute $6,000 a year (starting today and for the next 14 years) to meet her goal of retiring when she is 55. SHOW YOUR WORK FOR ALL PARTS OF THE CALCULATION a) Her life expectancy is 90 years old b) Based on needs-based analysis, it has been determined that she needs $50,000 a year in today's dollars to live on c) Assume 3.0% inflation rate, 6% rate of return in retirement d) Assume all payments and withdrawals are made at the beginning of the year c) Assume that all contributions are constant (they do not increase with inflation) f) Assume that all her withdrawals increase each year at the rate of inflation (growing annuity) \begin{tabular}{|l|r|l|} \hline Charlotte - Retirement & & \\ \hline Money Saved up & $325,000 & What is her pre-retirement rate of return requirement? \\ \hline Inflation & 3,00% & Note: You are not required to produce a table \\ \hline Annual Payment & $6,000 & This is the same problem that you have extensively worked on!! \\ \hline Post Rate of Return & 6,00% & \\ \hline Years to Retire & 15 & \\ \hline Years in Retirement & 35 & \\ \hline Living Expenses (todays dollars) & $50,000 & \\ \hline \end{tabular}