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Problem 4 18 Marks You started your first job on June 1, 2022. As a finance major in college, you understand the importance of saving for retirement early. You have decided to save $200 at the beginning of every month towards retirement. a) Given an interest rate of 12% compounded monthly, compute the value of your savings after 20 years? 5 Marks b) Compute the effective annual rate on this account. 3 Marks c) Assuming that you stopped your monthly savings after 20 years, but left the accumulated balance (from part (a) above) in the account for another 15 years, earning 12% interest annually. Compute the value of this account in 15 years. d) On retirement, you plan to invest your savings (from part (c) above) in an account that pays 8% annually; if you hope to live for 20 years after retirement, how much would you be able to withdraw from this account to assist with your retirement expenses? 7 Marks