Use the following information to answer the next three questions

Maggie is currently 25 years-old. Maggie wishes to retire at the age of 60 and be able to receive $3500 at the end of each month from the annuity she purchased from Long Life insurance Company. She forecasts a 7% annual percentage return compounded monthly, before and after retirement. Maggie wishes the retirement proceeds to las until she is 85 years-old.

1. The amount of money Maggie needs to have saved at the time of retirement, age 60, so that she can withdraw the desired $3500 per month during her retirement years is closet to :

a) $1500000

b) $495204

c)$472456

d) $498093

e) $590092

2.The end=of-month savings required is closest to:

a) $45

b) $2486

c) $275

d) Cannot be determined based on given information

e) $35751

3.Suppose today, Maggie has already saved $25000 in her retirement plan and she can deposit this amount with Long Life Insurance Company to earn the same investment return. Given this, the end-of-month savings required to achieve her desired retirement income is closest to:

a) $176

b) $225

c) $115

d) $124

e) $295