You are 25 years old and just graduated with an MBA degree. Because you just had the finance course, you want to showcase your skills to your family and compute how much you must save annually to reach your financial goals. Here are your assumptions: - You hope to have a child in the next three years. For your calculations, you assume that at time= 21 (age =46), you will need to make the first college payment. You will pay for four years and use ETSU's tuition. If your child wants to go to a more expensive university, they need to pay the difference themselves. You will pay for your alma mater and not a cent more!! Currently, the tuition is $20,000, and you expect it to increase with inflation at 3% per year. - You want to change your car in 3 years (time =3, age =28 ), and you must have $10,000 for the downpayment. You must replace the 2-door sports car with a powerful engine with a childfriendly vehicle. However, you love your old car and don't plan to sell it. - You want to buy a house in 10 years and have $100,000 for the downpayment. - You also want to save money for your retirement. You want your retirement payments to be $100,000 annually, starting when you are 66 years old (time =41 ). You expect to live 25 years after you retire, so you must receive 25 payments. You have $5,000 already saved. For the initial calculations, you will use a return on your savings of 7% per year. Suggestions: - Your savings amount will be constant during your savings years. - You don't save during retirement. - Use excel. It helps tremendously. - After you compute the annual required savings, check your answer. - Build the excel so that you can easily modify the interest and return rates