Mr. Adrian Ernest Kouakou is 30 years of age today and his salary after tax is deducted next year will be $42,000. Mike forecasts that his salary will increase at a steady rate of 10% per annum until he turns 45 and then will increase thereafter by 5% until his retirement at age 60. Mr. Adrian gets paid once every two weeks for a total of 26 times every year. (a) If the discount rate is 8%, what is the present value of these future salary payments? (b) If Mr. Adrian saves 6% of his salary each month and invests these savings at an interest rate of 8%, how much will he have saved by age 60? (c) If Mr. Adrian plans to spend these savings in even amounts over the subsequent 20 years, how much can he spend each year?