Retirement Caleulation Mini Case Tom Hagen just graduated from OSU and has taken a job in Dallas, TX. During his first week with his new company, Tom attends a Human Resources seminar where he chooses a health care plan, life insurance, and a retirement savings plan. The discussion about retirement plans makes Tom think about how much he will need in retirement and how much he can save. Assume Tom will work and save for 40 years. If he put $3,000 per year (he will actually make monthly deposits but to keep it simple use annual deposits) into a savings account, paying 1% annual compound interest, how much will he have when he retires in 40 years? Assume deposits occur at the end of each year. Now, assume Tom invests $3,000 per year earning 8% annual compound interest, how much will he have when he retires in 40 years? What if he earns 12%? Assume deposits occur at the end of each year. What if Tom decides to delay saving for retirement for 10 years so he can travel and buy his dream car? How much will Tom have when he retires if he waits 10 years before funding his retirement (assume he saves $3,000 per year for 30 years at 8% annual compound interest)? Assume deposits occur at the end of each year. If Tom can earn 8% annual compound interest, how much does he need to save each year to have SI million when he retires in 40 years? If he delays saving for 10 years? Assume deposits occur at the end of each year. Finally, assume Tom retires with SI, million in his retirement account. If he moves his money to a safe account at a bank, paying 3% annual compound interest, how much can be withdraw each year in reti he will live 20 years after retiring)? rement (assume he waits one year after retirement to make his first withdrawal and that