I can't figure out how to get the answer of PART C. I must show my work; therefore, I can't use Excel to find the answer of part C.

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UNIVERSITY OF NEW BRUNSWICK Faculty of Business Administration Personal Financial Planning ADM 3445 Online E. Otuteye Assignment 1 Submit in Dropbox in D2L (NOT BY EMAIL) Submit a copy of this question sheet with your answers. 1. Print and submit a copy of the \"Certificate of Mastery\" from the PV-FV game in D2L. If you are having difficulty printing the certificate using the \"print\" icon (sometimes that happens), just print/save the screen with the certificate as pdf document and submit it. 2. Mrs. Reznik, who 27 years old, plans to retire at the age of 55. She is expecting a lumpsum amount (an inheritance) of $75,000 when she is 40. This lumpsum amount will be invested at 8% per year. a. Mrs. Reznik would like to be able to withdraw $120,000 per year from her retirement account for 45 years after retirement beginning a year after her retirement. How much does she need to have in her retirement account by retirement date if the interest rate is 7% per year during the post-retirement years? b. Suppose she already has $45,000 in her retirement investment account that earns 7.5% per year. What will be the value of this amount by her retirement date? c. Given her goal in 2a above and the investment she already has in 2b in addition to her expected inheritance, how much does she need to invest per year (at 9% annual rate of return) beginning a year from now till retirement, in order to reach her retirement goal? [Show the process (steps) by which you get the answers to questions 2a, b, c. In other words, write down the equations and steps you followed to get the answers. You won't get any marks by just reporting the answers (for example as provided by financial calculators).] Page 1 of 2 3. Use the information below to prepare a balance sheet and a cash flow statement for Mr. King. Calculate his net worth and cash surplus or deficit. (All expenses are on monthly basis). Monthly take-home salary from full time Car loans outstanding, $21,300 job, $4,230 Monthly Home and Auto insurance, $380 Value of house, $325,000 Monthly payment on car loan, $225 Value of furniture and house content, Average monthly income from part-time $115,000 job, $ 440 Home maintenance and repairs, $120 Monthly Mortgage and property tax Cash in chequing account, $750 payment, $ 2,400 Savings account balance, $4,300 Value of car, $28,000 Spending on grocery, $600 Gas and car maintenance, $240 Restaurant spending, $150 Credit card balance, $8,200 Lunch & parking, $200 Average monthly Electricity bill, $375 Mortgage outstanding, $185,000 Monthly charitable donation, $350 Electronic gadgets $4,500 Clothing purchase (monthly), $150 Average monthly phone bill, $85 Value of Stock investment, $140,000 Monthly payment on credit card, $150 Monthly Entertainment, $250 Value of 2 cars $43,520 Miscellaneous expenses $200 Page 2 of 2