ssessment Mike just has had his 30h birthday and he has just bought an apartment for $3,500,000. To prepare for his retirement, Mike provided his "wish list" to his financial planner: - He plans to sponsor his son $5,000,000 to buy an apartment on his 60h birthday " He wants to withdraw an additional $3,000,000 for a round-the-world trip right after his 65th birthday in celebration of his retirement. He wants to set up a trust fund for his university to award a scholarship of $150,000 annually (last forever) starting from his 70th birthday -He wants to leave S50,000,000 to his wife on his 90h birthday -He wants to retire on his 65th birthday and estimates that he needs S50,000 every month to support his living after retirement, with the first withdrawal one month after his retirement and the last withdrawal one month before his 90th birthday The financial planner recommends Mike to open an investment account that earns a return of 3.25% per quarter (EQR). Mike will be required to make quarterly deposits starting from one quarter after his 30h birthday until his 65th birthday (inclusive). He could then transfer all his money to a safe account that eams an effective monthly rate of 0.4867%(-EAR of6%). In addition, he plans to sell his apartment on his 60th birthday, and then deposit all the sale proceeds after the deduction of the sponsorship to his son to the investment account. He assumes that the market price of his apartment will grow at an average rate of 3% per year Required: If Mike makes a quarterly deposit of $9,000 to the investment account, does Mike have enough money to fulfill his retirement plan? By how much? Show your calculations. [Hints: Calculate how much Mike needs at retirement first] (40 marks)