Your 40-year clients, who have a 12-year old child, plan to retire at the age of 62. Assume 360-day year and 30-day month in your calculations.
	They have a current salary at an annual rate of ($11,000*last digit of your 8-digit UMID + $100,000), being paid equally at the end of each month.
	They expect a 3% raise in their salary every year until they retire.
	They deposit 12% of their monthly salary to their 401(k) account that generates an annual rate of return of 10%, compounded daily.
	In addition, their employer matches their contribution with 5% of their salary to the same 401(k) account.
Q1	Determine the cash flows pattern of the total monthly contributions to the 401(k)
	account within each year; and calculate and explain precisely your choice of interest rate, i.e., EAR/EPR/PER,
	used in your analysis. And calculate the year-end value of the 401(k) contributions for each year.
Q2	Determine the pattern of the year-end values of the 401(k) contributions across years;
	and calculate and explain precisely your choice of interest rate, i.e., EAR/EPR/PER, used in your analysis. And calculate their 401(k) account balance upon their retirement.