Jim Smith is a client of yours and just turned 53 years old.At age 30 Jim began to put away $10,000 each year into his 401(k) savings plan and he's done so each of the last 23 years.During the 23 year period, Jim's 401(k) account has earned an 8% return.Jim expects to contribute $14,000 to his 401(k) plan each of the next 12 years until he retires at age 65.He expects that his account will grow at a slightly lower rate of 6% for the next 12 years.SHOW ALL WORK & ASSUMPTIONS

A)How much does Jim have accumulated in his 401(k) account right now at age 53?

B) How much will Jim have in his 401(k) account when he retires at age 65?

C) If Jim plans to withdraw $100,000 each year after he retires and expects his account to earn 5% annually in retirement, how long will it take for the money in his 401(k) account to run out?