Retirement planning.Hal Thomas, a 25-year-old college graduate, wishes to retire at age 60. To supplement other sources of retirement income, he can deposit $2,200 each year into a tax-deferred individual retirement arrangement (IRA). The IRA will earn a return of 14% over the next 35 years.

a.If Hal makes end-of-year $2,200 deposits into the IRA, how much will he have accumulated in 35 years when he turns60?

b.If Hal decides to wait until age 35 to begin making end-of-year $2,200 deposits into the IRA, how much will he have accumulated when he retires 25 years later?

c.Using your findings in parts a and b, discuss the impact of delaying deposits into the IRA for 10 years (age 25 to age 35) on the amount accumulated by the end of Hal's 60th year.

d.Rework parts a, b, and c assuming that Hal makes all deposits at the beginning, rather than the end, of each year. Discuss the effect of beginning-of-year deposits on the future value accumulated by the end of Hal's 60th year.