It is December 31, 2011, and 30-year-oldCamille Henley is reviewing her retirement savings and planning for herretirement at age 60. She currently has $55,000 saved (which includes thedeposit she just made today) and invests #2,000 per year (at the end of theyear) in a retirement account that earns about 9% annually. She has decidedthat she is comfortable living on $40000 per year (in todays dollars) andbelieves she can continue to live on that amount as long as it is adjustedannually for inflation. Inflation is expected to average 2.36% per year for theforeseeable future. After researching information on average life expectancyfor females of her background, her plan will assume she lives to age 90. Shewill withdraw the amount needed for each year during retirement at thebeginning of the year. So, on December 31 at age 60, she will make her lastdeposit of $2,000 and the following day (January 1) she will withdraw her firstinstallment for retirement. 1. If Camille continues on her current plan, will she be able to accomplish it? 2. How would the situation change if Camille were to start placing her $2,000annual savings into her retirement account on January 1st of each year ratherthan December 31st of each year? Assume that the investment still pays interestat the end of the year. 3. If Camille resumes making her deposits at the end of the year, how muchwould she have to save each year to accomplish her objective? 4. Assume that Camille continues with her current plan. What interest rate wouldshe have to earn on her investment to make it work? 5. If Camille wishes to leave a $50,000 perpetuity to her alma mater, startingone year from the year she turns 90, then how much extra money would she needto have on December 31st of the year she turns 90? Assume that the investmentwill earn 9%. 6. Rework the previous question for the case where Camille wants the universityinvestment to grow by 5% per year.

Please note that the question that I have is the same except for the amounts, mine is in rand value (ZA), however these questions were asked before, but I need to understand the calculations behind it to answer questions 1 to 6.