Instructions show Jon has fust tumed 25 and has a job that pays $45,000 a year, He decided to irvest 10% of nis salary annually, starting at the end of this year, in an investment account until he retires at age 55 . He has two goals: - When he retires, he wants $500,000 in the savings account. - He wants to buy a piece of property on a nearby lake when he turns 40 . He has an option to buy the property for $25,000 (15 years from today). Any money remaining after the purchase of his cottage and future savings will go toward his retirement goal. He expects that he will Any money remaining after the purchase of his cottage and future savings wil go toward his retirement goali. be a. How much will Jon havi saved at age 40 ? How much will he need to save per year (it could be more or less than the intended 10% of salary) between the ages of 40 and 55 15 yearly contributions) in order to meet his retirement goal? How long will $500,000 last if Jon's iffe expectancy is 85 and he wants to withdraw $30,000 per year to supplement other retireme ome? The first withdrawal comes on the first day of his retirement. He assumes a more conservative investment rate of 5%, mpounded annually, during his retirement years