Question 130 marks) Ray completed his university study in May this year. He felt very happy that he could receive a job offer from Big-4 which pays him $15,000 per month. After taking a month's break, he started working in Big-4 in July this year, two months ago. Ray incurred a $100,000 student loan while studying at a local university. He plans to pay off this student loan in 5 years with monthly payments. The annual interest rate on the loan is 4%. Ray also decides to start saving for his retirement. He plans to save $10,000 per year in the first 10 years of work, then $20,000 per year for the next 10 years, then $30,000 per year for the following 10 years, and finally $40,000 per year for the last 10 years of his work career. He expects his saving return over the 40 years to be at 5% annually. REQUIRED a) State Ray's medium-term financial goal using SMART approach. (Word limit: 100 words) (7 marks) b) Calculate the amount of money Ray would have by the time he retires, using the TVM table method. Show all workings. (5 marks) c) The median life expectancy in Hong Kong now is around 85 years old. If Ray expects that he would live for another 25 years after retirement, how much could Ray withdraw annually after retirement in order to support his living expenses, assuming the rate of return is the same? You are required to use TVM formula method, TVM table method, and Excel Syntax, respectively, to work out the answers. Show all workings. (9 marks) d) State any two of the risks/uncertainties of Ray's retirement plan. (Word limit:40 words). (4 marks) e) Assuming Ray would have saved the desired retirement amount calculated in part (b), use Excel's two-variable data table to show the annual income streams under different interest rates (3.x%,4.x%,5.x%,6.x%,7.x%) and different time period (15 years, 25 years, 35 years)