Mini-Case where he has worked on him. He 2000 in addition his lump sum bonu and owns mutual fune 60, has just retired from his job at the city council. worked for 38 years. He has a family that is depen- He has received a lump sum retirement bonus of wirion to 1,700 per month as his pension. Besides um bonus, he also has 60,000 in an ISA account autual fund units worth 80,000 as of now. The ISA Barry has estimated that he will need around 13,700 per month to maintain his family and lifestyle. He will be eligible for state pension of 200 a month once he turns 65. However, if he defers withdrawing his state pension until he is 70, he w get 560 a month. Advise Barry on what he should do with his receipts from pension funds and savings. un pays 4 percent per annum Questions 1. Barry has access to som 2. Ignoring his state pensi has access to some money for emergencies from his wife's family. He can thus use his overall receipts from his savings for retirement. If his savings pay him 5 percent per annum and he expects to live for another 35 years, how much can he withdraw on a monthly basis? his state pension, is the amount determined in Question 1 sufficient for meeting Barry's monthly expenses in addi his pension of 1,7007 If not, how long will his retirement savings last if his current expenditure remains the same What if he reduces his expenditure to 3,200? Considering the information obtained in Question 2, should Barry wait till he is 65 to obtain his state pension? If he waits until the age of 70, how will this state pension change the answer to Question 2? If the inflation rate averages 3 percent during his retirement, how old will he be when the prices have doubled from current levels? How much will a newspaper cost when he is 95 years old, in 35 years' time, if it costs 1.25 today