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 the valuation of Jennys retirement expenses. Precisely explain whether Jennys nest egg can cover her retirement expenses.