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GIVEN: A Mechanical Engineering graduate has just secured a salaried position at age 22, and has an annual salary of $60,000/year. This individual wants to retire at age 62, with savings that would allow an annual withdrawal of $60,000/year indefinitely (forever) not including any other sources of income or savings. The interest rate is 6%/year. PART 1: FIND: How much will this person need to have saved when they are age 62? ANSWER: Pick the closest answer to your calculations A) $750,000 B) $875,000 C) $1,000,000 D) $1,125,000 E) $1,250,000 SOLUTION: PART 2: FIND: How much will this person need to save annually to reach their goal at age 62? ANSWER: Pick the closest answer to your calculations A) $4250 B) $5750 C) $6500 D) $7500 E) $9000 SOLUTION: PART 3: FIND: If this person lives to be 92 years old, how much will be left in their retirement account at the time of their death? ANSWER: (type in) SOLUTION