Q1) A time line might be helpful to you; each part of the problem is related to each other; you could round up all number to two digits, for example: $345.88; you must show all steps. a) Jim is 25 year of age; he is planning to retire at age 60 and to live to 95. Jim would like to have $65,000 at the beginning of each year when he retired. His retirement plan at work guarantees him $15,000 per year, starting at age of 60 for 25 years only. How much money would Jim needs each month to be able to retired if the only investment opportunity Jim has during his retirement is investment that pay annual rate of return of 8% compounded annually and the only investment opportunity Jim has from age 25 to 60 is investment that pay annual rate of return of 6% compounded monthly. b) Jim also has outstanding student loans of $150,000. The government would like Jim to payoff his student loans during the next 35 years. The government charge 6% per year and ask for a monthly payment at the end of very month. What is Jim monthly payment if he would like to payoff his student loans in 35 years? How much money would Jim needs each month to be able to be retired and pay his student loans c) Jim plans to pay for his daughter college education. His daughter will be attending college in 15 years from now and require $20,000 at beginning of each semester for 10 semesters to finish her college education (each semester is six months at his daughters College). Jim can borrow for his daughter education at the same rate in part b. How much must Jim deposit at the end of each six months to be able to achieve his retirement goals, pay students loans and pay for his daughter education? d) Jim will inherit a large sum of money, $50,000, in 12 years from now at the end of the year. Jim is planning to use the $50,000 to payoff the outstanding balance of his student loans and use the rest (if any) for his retirement and daughter education; He is able to reinvest it at annual rate of return of 12%, compounded annually. How much must Jim deposit at the end of each six months to be able to achieve his retirement goals, pay student loans and pay for his daughter education?