Inaaya is a diligent mother who has just finished supporting her two children, Michael, aged 23, and Emily, aged 25, through their university education. Both Michael and Emily have embarked on their careers and have moved out. Inaaya wants to continue supporting them by providing financial assistance for their future endeavors, such as purchasing their first home or pursuing further education. She aims to give each of them an equal amount of money when they reach the age of 30. Currently, Inaaya has $15,000 in savings, which she plans to allocate to Emily, as she will reach 30 first. She intends to provide Emily with $35,000. Inaaya's investments generate a 6% return before tax, and her marginal tax rate is 35%. The inflation rate is estimated to be 3%. All savings are deposited at the end of the year. Required: (a) Calculate the annual savings Inaaya needs to make in order to accumulate $35,000 to give to Emily when she turns 30. (4 marks) (b) Determine the fair amount Inaaya should give to Michael when he reaches 30, considering that Emily will receive $35,000. (4 marks) (c) Compute the annual savings Inaaya should make, starting now, to reach the amount