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Problem (30 points) Your uncle turned 45 today and currently has $300,000 saved towards retirement Assume he can earn 8.15% in nominal terms on his

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Problem (30 points) Your uncle turned 45 today and currently has $300,000 saved towards retirement Assume he can earn 8.15% in nominal terms on his investments and what he saves, both before and during retrement He now wants to retire in 20 years. Here is his situation: He will annually save $1,000 towards retirement beginning one year from today and continuing until he retires, with his last $1,000 saved 20 years from today He will annually receive $30,000 per year from Social Security with the first payment being received on his 66 birthday and continuing annually thereafter He will donate $15,000 per year to UNICEF beginning on his 70 birthday. How much will he be able to withdraw ANNUALLY for 25 years in retirement Assume he will take his first retirement withdrawal one year after he retires. Assume this analysis is done in real dollars with an inflation rate of 3 percent? Please show work! b) Based on what you calculated in part a), what is the value of the retirement withdrawal in year 28 (28 years from today) in nominal terms

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