StefaniGerman, a40-year-old woman, plans to retire at age65, and she wants to accumulate $ 480 comma 000$480,000over the next 2525years to supplement the retirement programs that are being funded by the federal government and her employer. She expects to earn an average annual return of about 3 %3%by investing in alow-risk portfolio containing about 20 %20%short-term securities, 30 %30%commonstock, and 50 %50%bonds. Stefani currently has $ 57 comma 313$57,313that at an annual rate of return of 3 %3%will grow to about $ 120 comma 000$120,000by her 65th birthday(the$ 120 comma 000$120,000figure is found using time value of moneytechniques, Chapter 4Appendix.) Stefani consults a financial advisor to determine how much money she should should save each year to meet her retirement savings objective. The advisor tells Stefani that if she saves about $ 27.43$27.43eachyear, she will accumulate$1,000 by age 65. Saving five times that amount eachyear,$137.15137.15,allows Stefani to accumulate roughly$5,000 by age 65.a.How much additional money does Stefani need to accumulate over time to reach her goal of $ 480 comma 000$480,000?b.How much must Stefani save to accumulate the sum calculated in part a. over the next 2525years?

a.To reach her goal of $ 480 comma 000$480,000,

Stefani needs to accumulate answer