Problem 1 (100 points): a)Please determine and justifyyour FIRE money you would need to achieve financial independence (10 points).b)Please determine and justify which model of FIRE would you prefer: lean FIRE, standard FIRE, fat FIRE, Barista FIRE, Coast Fire, mini-retirements, something else? (10 points).c)What is your preferable saving rate and why did you choose this one? At this saving rate, how long you would need to work to achieve financial independence? (10points). d)Pleasedetermine how this working time depends on the saving rate and on the rate of return, and on the withdrawal rate,on your savings-investments (10points). e)Write an investment policy statement which would reflect yourreturn (7.5 points) and risk objectives (7.5 points), as well as all relevant constraints (time horizon, liquidity, regulations & taxes, unique preferences) (15 points) on achieving those objectives.f)Propose and justify an asset allocation for you, given the investment policy statement(30 points)