You are saving for you retirement. Today (t=0), you are 30 years old. You plan to work and save for retireme nt for the next 35 years (t=1 though t-35), retiring at age 65. The nominal interest rate is (andalways will be) 5%. a. (20 points) Suppose at retirement (t=35), you have $2 million in the bank. What constant amount cou Id you spend each yearduring retirement if your retirement lasts for 25 years (t=36through t=60)? b. (20 points) Suppose that today (t=0), you have no retirement savings. What constant amountwoul d you need to save each yearduring your working life (t=1 thought=35) to have $2 millio nin your account when you retire (t=35)? C. (10 points) Suppose that today (t=0), you have no retirement savings. Next year (t=1), you planto sav e $20,000. In each subsequent year (t=2 through t=35), you plan to save 6% more than you saved in the previous year. How much will you save at t=6? Note, I'm asking what contribution to your saving s account you will make at t=6 and NOT how much savings you will have at t=6. d. (20 points) Suppose you follow the savings plan described in part (C). How much will you have inthe bank immediately after making your last deposit (t=35)? You are saving for you retirement. Today (t=0), you are 30 years old. You plan to work and save for retireme nt for the next 35 years (t=1 though t-35), retiring at age 65. The nominal interest rate is (andalways will be) 5%. a. (20 points) Suppose at retirement (t=35), you have $2 million in the bank. What constant amount cou Id you spend each yearduring retirement if your retirement lasts for 25 years (t=36through t=60)? b. (20 points) Suppose that today (t=0), you have no retirement savings. What constant amountwoul d you need to save each yearduring your working life (t=1 thought=35) to have $2 millio nin your account when you retire (t=35)? C. (10 points) Suppose that today (t=0), you have no retirement savings. Next year (t=1), you planto sav e $20,000. In each subsequent year (t=2 through t=35), you plan to save 6% more than you saved in the previous year. How much will you save at t=6? Note, I'm asking what contribution to your saving s account you will make at t=6 and NOT how much savings you will have at t=6. d. (20 points) Suppose you follow the savings plan described in part (C). How much will you have inthe bank immediately after making your last deposit (t=35)