Problem 7 - Future value and present value of investments, saving for your retirement ( 6 points) Part A) You will graduate with your master's degree at age 25 , you want to retire at age 65 . Your goal is to live until 95 and die on your birthday completely broke by sky-diving without a parachute, SPLAT I You won't leave any money for the kids, grandkids or great-grandkids, you blew it all, baby II! You envision having one hell of a good time from age 65 until you die, you think you will need $300,000 a year in retirement to live the life you envision. You also consider yourself a great investor and think you can consistently earn 12% on your investments. Use the tables provided and show all calculations III! a) Calculate the amount of money you will need to have when you start retirement at age 65 (3pts) b) Now using your answer in the "a", calculate the amount of money you will need to save every year from age 25 until you retire to fund your retirement assuming you earn 12% per year. (3pts) Bonus - 1 point. Let's say that you have actually watched the video Dr. Buxton recorded this semester and will follow his three rules of life. Assume you are 25 and using your answer in part "a", calculate how much money Grandma and Grandpa would have to give you right now to fund your retirement so that you wouldn't have to save anything yourself, assuming you earn 12% per year every year on the money. Good luck getting Grandma and Grandpa to give you that money right now, but hey, maybe give it shot