Solve both parts of this question as soon as possible without using excel

1) Time value of money a) You are hired by the LUMS Employee Pension Fund (LEPF) as an analyst. The fund manages benefits program under which LEPF will pay the emp, the CFO of LEPF is proposing a retirement until his or her death. She is asking you to crunch a fast salary at the time of decision making in presenting her proposal to the LEPF Board of Dimbers to aide her LEPF forecasts Pakistan's long-term inflation to be 2% per year. The fund is committed to offering 1% real growth in wages, so the annual nominal wage increase for all employees is 3% every year. The fund also forecasts long-term interest rates to stay at 6% per year. Ayesha has asked you to base your calculations for an average employee who joins LUMS at the age of 25 and retires at the age of 65 with 40 full years of service. The average annual salary is Rs.600,000 for a 25 -year-old employee. 1 Furthermore, based on the latest Property and Casualty Insurance statistics in Pakistan, an average life-span of 80 year is a reasonable assumption for the Lahore urban population. You will assume that LEPF will pay the annual pension payment equal the employees last salary for 15 years. To make it beneficial for the employees, Ayesha suggests that LEPF should make the first pension payment at the time of retirement. 2 What fraction of the current salary will a 25 -year-old have to contribute to the pension fund in order to enroll in this pension plan. salans =15 yeah b) Khadim Hussain has mortgaged a house with a loan of Rs.3 million from Naya Pakistan Housing Authority (NPHA). The mortgage will be paid in twenty years in 240 equal monthly installments. NPHA offers loans on a subsidized annual rate of 6% based on monthly compounding. What is the outstanding loan principal after the third installment is paid if the first mortgage payment is due immediately at signing of the mortgage contract, i.e. at time zero