Please do a step by step including each formula for each step.

1. An employee contributes $15,000 to a 401(k) plan each year, and the company matches 10 percent of this annually, or $1,500. The employee can allocate the contributions among equities (earning 12 percent annually), bonds (earning 5 percent annually), and money market securities (earning 3 percent annually). The employee expects to work at the company 20 years. The employee can contribute annually along one of the three following patterns:

Option 1:

equities 60%

bonds 40

money market securities 0

Option 2:

equities 50%

bonds 45

money market securities 5

Option 3:

equities 40%

bonds 50

money market securities 10

Calculate the terminal value of the 401(k) plan for each of the 3 options, assuming all returns and contributions remain constant over the 20 years.