George and Francesca Lange are beginning to contemplate retirement. They have saved a total of $400,000 for retirement and they are each 48 years old. They realize they have not saved sufficiently to be able to retire early, fully retire without some part-time employment or fully replace their preretirement income. That said, they are willing to explore different options. The facts: George and Francesca have a combined annual income of $125,000 and believe that their salaries will keep pace with inflation at 5% a year. They also are comfortable assuming that the effective annual rate of return for their retirement assets will be 9%. For now, they want to keep their planning simple so they are projecting that they will die in exactly 40 years and that their retirement assets will be depleted except for $100,000 to cover funeral and burial costs. Lastly, they do not want to continue saving after they retire (fully or partially). The three primary options that under consideration by the Lange's are: A. To retire at age 55 with an income replacement ratio of 60%. B. To retire at age 60 with an income replacement ratio of 80%. C. To retire at age 65 with an income replacement ratio of 100%. You have been asked to provide assistance with savings calculations. Following your capital needs analysis calculations using the information shared, provide a short paragraph disclosing what additional quantitative and possible qualitative factors ought to be considered for a full retirement planning recommendation. To Do: Calculate the monthly savings contribution (end-of-month) for each of the three options. (Assume that the Lange's retirement annulty grows by 5% per year to keep pace with inflation)