Question 11 1 pts Suppose in the previous question you figure out that the gap between what you need and what the Social Security can provide is $78,450 per year in retirement (note this number may or may not be the correct answer for the previous question, but please use this number for this question no matter what you got for the previous question). You can buy an annuity that will pay you $78,450 income per year to supplement your Social Security income. The annuity interest rate is 6%. Your life expectancy is 80 so the annuity should last 13 years. What nest egg to you need at retirement so you can buy such an annuity? Answer: Question 12 1 pts Suppose in the previous question you figure out that the amount of nest egg you need to buy such an annuity is $694,942 (note this number may or may not be the correct answer for the previous question, but please use this number for this question no matter what you got for the previous question). Suppose you want to start saving now at the age of 25 so you have 42 years to save towards that goal. Assume you can get a 6% annual interest rate and you want to save an equal amount of money each year. What should be your annual saving? Answer: $ Question 13 1 pts Now suppose you won't start saving until you are 40 years old so you have only 27 years to save for the goal of having $694,942 at 67. Assume you can get a 6% annual interest rate and you want to save an equal amount of money each year. What should be your annual saving? Answer: $