Use the following information to answer Questions 6 and 7: Your father is now 50 years old. He plans to retire in 10 years and expects to live uri 85 year's old. He wants an annual retirement income that has the same purchasing power as $40,000 today His retirement income will begin the day he retires. Inflation is expected to be 5% per year. You father currently has $100,000 in his savings account which pays 8% per year compounded annually. He plans to deposit more money at the end of every year for the next 10 years. 1000w = Tev 10 m 8 = T fu= 215,812.50 7. How much must he deposit at the end of every year for the next 10 years in addition to the $100,000 he currently has in order to have $1.5 million when he retires at age 60? 3. $88641 b. $96641 88 641.28 c. $103544 d. $208641 e. $223544 FV