Please answer the following questions as detailed as possible!! Thanks

Question 7 (10 marks} You are celebrating your 35"1 birthday today. You want to start saving for your retirement at the age of 60. You want to be able to withdraw EUR200,000 from your savings account on each birthday for 25 years following your retirement. The rst withdrawal will be made on your 61" birthday. You intend to invest your money in OCD Bank which offers 10% interest per year. You want to deposit an equal amount on each birthday into 0CD Bank for this retirement ind. Assume that the retirement md will continue to generate a 10% return per year. Ifyou start your first deposit on your 3II5"I birthday and continue making deposits until you reach 60 (i.e. the last deposit will be on your II50'h birthday), what amount must you deposit annually so that you will be able to make the desired withdrawals after retirement? ( 10%) Him: The present value of an annuity is given by the following formula, where Pm: is the constant payment amount; 1' is the interest rate; N is the number of payments: _ 1 PW. - Pmt (If