Jenny, a newly retiree, has saved up $3.0 million in a conservative investment account that generates an annual rate of return of 6.3%, compounded daily. She plans to withdraw $16,000 in a month and will continue monthly withdrawals with the amounts growing at a monthly inflation rate of 0.32% to cover her retirement expenses for 23 years. Assume 360-day year and 30-day month in your calculations! (a) Explicitly state (NOT describe) the cash flow pattern, and precisely explain the correct choice of interest rate, i.e., EAR/EPR/PER, to be used in your valuation of Jenny's retirement expenses. Precisely explain whether Jenny's nest egg can cover her retirement expenses. (b) In addition to covering her retirement expenses indicated in part (a), Jenny intends to allocate part of her nest egg to fund a foundation that distributes quarterly cash flows of $15,000 that grow at a quarterly rate of 1% indefinitely. The foundation offers an annual rate of return of 8.4%, compounded quarterly. Explicitly state (NOT describe) the cash flow pattern, and precisely explain the correct choice of interest rate, i.e., EAR/EPR/PER, to be used in your valuation of the distributions. Calculate the minimum size of nest egg that Jenny needs for funding the foundation while meeting her retirement needs. (c) State TWO distinctively different recommendations to Jenny that will increase the likelihood of achieving her two goals in parts (a) and (b)