please help me with this

OneDrive/Desktop/Project%20Melania%20(3).pdf Melania 1. Background Information Melania is 30 years old, single, and childless. She lives in Jersey City, NJ. Melania has a BA and is a retail store manager making $75,000 per year. She expects her income to grow at 1% per year. She does not have a pension plan at work. She has a total of $10,000 in her checking account (earning 0.1% per year) at Citibank and $10,000 in a savings account earning 0.2% per year. Melania carries $8,000 on her credit card, which charges an APR of 22%. She pays $100 per month on her card (the minimum required) Melania has $28,000 in student loans charging an APR of 7%. Melania owns a 2015 Honda Accord in very good condition, with an estimated resale value of $10,000. IL. Specific Questions Please indicate how you have done the calculations, Ignore Inflation in doing all calculations. 1) Melania would like to retire at age 55. Suppose she expects to live to age 85 and would like to have $90,000 per year to spend each year in her retirement. a) How much should she have at age 55 assuming her investments will return 7% a year in retirement? b) Assuming her investments earn 7% before retirement, how much should Melania save each year to have enough to retire if she makes the first deposit a year from now? c) Now assume that her investments will earn only 5% per year, both before and after her retirement. How much will she need to have saved at age 55, and how much does she need to save each year until then? o DELL Insert F11 PrtScr F10 F12 F8 F9 OneDrive/Desktop/Project%20Melania%20(3).pdf Melania 1. Background Information Melania is 30 years old, single, and childless. She lives in Jersey City, NJ. Melania has a BA and is a retail store manager making $75,000 per year. She expects her income to grow at 1% per year. She does not have a pension plan at work. She has a total of $10,000 in her checking account (earning 0.1% per year) at Citibank and $10,000 in a savings account earning 0.2% per year. Melania carries $8,000 on her credit card, which charges an APR of 22%. She pays $100 per month on her card (the minimum required) Melania has $28,000 in student loans charging an APR of 7%. Melania owns a 2015 Honda Accord in very good condition, with an estimated resale value of $10,000. IL. Specific Questions Please indicate how you have done the calculations, Ignore Inflation in doing all calculations. 1) Melania would like to retire at age 55. Suppose she expects to live to age 85 and would like to have $90,000 per year to spend each year in her retirement. a) How much should she have at age 55 assuming her investments will return 7% a year in retirement? b) Assuming her investments earn 7% before retirement, how much should Melania save each year to have enough to retire if she makes the first deposit a year from now? c) Now assume that her investments will earn only 5% per year, both before and after her retirement. How much will she need to have saved at age 55, and how much does she need to save each year until then? o DELL Insert F11 PrtScr F10 F12 F8 F9