I need help on questions 7, 8, and 9. Please show all calculations

QUESTION 7 Anny's full retirement age is 66 years and 2 months. Her PIA at full retirement age is $1200. She wants to retire early and receive the benet at age 63. (a). How many months does she retire earlier than full retirement age (in months). months (b).What's the percentage of reduction in her retirement benet (in %, keep two decimals if applicable). % (c). What's her monthly benet if she retires early and starts to receive the benet at age 63 (in $, keep two decimals if applicable)? $ QUESTION 8 John established his rst Roth IRA seven years ago and has made a total participant contribution of $6,500 so far. Four years ago, he also converted his Traditional IRA assets ($6,000) to his Roth IRA (tax deduction was allowed when he contributed to his Traditional IRA and he has paid tax at the time of conversion). John is now 55 years old, healthy, and the balance in John's Roth IRA is $15,500. (a). If John withdraws $15,500 from his account to pay for vacation, is it a qualified distribution (answer yes or no)? (b). If John withdraws $15,500 from his account to pay for vacation, what amount is considered as participant contribution, taxable conversion, and earnings, respectively (in $)? participant contribution amount:$ , taxable conversion: $ , earnings: $ (c). Following (b), what amount is subject to income tax and what amount is subject to early-distribution penalty obligation? amount subject to income tax: $ , early-distribution penalty obligation: 9: (d). If John withdraws $15,500 to pay for his son's education, what amount is subject to income tax and what amount is subject to early-distribution penalty obligation? amount subject to income tax: ; early-distribution penalty obligation: 53': QUESTION 9 On January 1, Bobjust reached age 30. He earned $90,000 at the end of last year. It is assumed that his salary will grow at 1% each year and is paid at the end of each year. Bob would like to retire when he reaches 65 (35 years from today) and expects to live 23 years after retirement. After some basic analysis, you estimate that wage replacement ratio will be 75%. After retirement, the retirement need will grow by ination rate 2% per year and is paid at the beginning of each year. The investment return (discount rate) is 8%. Keep four decimals if applicable. Please show all your work and inputs for full/partial credits. Points will be deducted if you fail to show how you derive the final answers even the answers are correct. (a). What's the amount of rst year retirement need? (8 points) (b). What's the present value of all future retirement needs after retirement at age 65, assuming that he needs the retirement funding atb'uginning of each year in retirement? (please show your inputs such as N, PMT, and etc.) (7 points) (c). How much is the present value of all retirement needs as of today ? (5 points) (d).What is the present value of all his future earnings as of today? Assuming all salaries are paid at the end of each year (please show your inputs such as N, PMT, and etc.) (7 points) (e). What should be his annual saving rate to meet the retirement needs? (3 points) Please type your answers to question (a), (b), (c), (d) and (e) below. '1' T 1!!! Paragraph v Arlal v 3(12pt) v 5va Tv'vo 1: 3:2 LET'T, c9'>~11'.T.[]~ 01; em-~1IJ.--'..n: :: muss Path: p Words:0 A