Retirement planningPersonal Finance ProblemHal Thomas, a 30 year-old college graduate, wishes to retire at age 65. To supplement other sources of retirement income, he can deposit $2400 each year into a tax-deferred individual retirement arrangement (IRA). The IRA will earn a return of 11% over the next 35 years. a.If Hal makes end-of-year $2400 deposits into the IRA, how much will he have accumulated in 35 years when he turns65? b.If Hal decides to wait until age 40 to begin making end-of-year $ 2400 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 30 to age 40) on the amount accumulated by the end of Hal's 65th 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 65th year.