You are trying to decide how much to save for retirement. Assume you plan to save $$5,000 per year with the first investment made one year from now. You think you can earn

8.5% per year on your investments and you plan to retire in 33 years, immediately after making your last $5,000 investment.

a. How much will you have in your retirement account on the day youretire?

b.If, instead of investing $ $5,000 peryear, you wanted to make onelump-sum investment today for your retirement that will result in the same retirementsaving, how much would that lump sum need tobe?

c. If you hope to live for 16 years inretirement, how much can you withdraw every year in retirement(starting one year afterretirement) so that you will just exhaust your savings with the 16th withdrawal(assume your savings will continue to earn8.5% inretirement)?

d.If, instead, you decide to withdraw $ $162,000 per year in retirement(again with the first withdrawal one year afterretiring), how many years will it take until you exhaust yoursavings? (Usetrial-and-error, a financialcalculator: solve for"N", orExcel: functionNPER)

e. Assuming the most you can afford to save is $$1,000 peryear, but you want to retire with $ $1,000,000 in your investmentaccount, how high of a return do you need to earn on yourinvestments? (Usetrial-and-error, a financialcalculator: solve for the interestrate, orExcel: functionRATE)