Your sister is just engaged today and she is going to be married exactly 2 years from today. Your sister and her fiance would like to pay for their wedding themselves and do not accept any money from your and the grooms parents. Therefore, your parents decided to surprise them with a gift of a week-long honeymoon in the Caribbean. Your parents talked to a travel agent and learned that a honeymoon travel package to the Caribbean 2 years from today will cost $20,000 excluding the airfare. However, if your parents can pay 6 months before the travel time, they will get a 5% discount on this price. They also talked to the airline company and learned that two tickets to the Caribbean 2 years from today will cost $3,000. However, if they can buy the tickets 9 months before the travel time, they have to pay just $2,700. Your parents would like to save enough money to buy the airline tickets for the couple 9 months before the travel time to qualify for the discount price and pay for the honeymoon package 6 months before the travel time so that they can qualify for a 5% discount. Your parents bank is running a special for honeymoon accounts and pays a 9% interest rate with monthly compounding on these accounts for the next two years. Your parents set up a honeymoon account. a. After careful calculations, your parents determine that they can deposit $1,750 every two months starting today and continuing until the day of the payment for the honeymoon package. Determine if your parents will have enough money accumulated in their bank account to purchase this honeymoon package (6 months before their wedding) and the airline tickets (9 months before their wedding) for your sister and her fiance as they originally planned. If not, calculate the deposits your parents have to make into the honeymoon account every two months to achieve this goal. b.Suppose your parents purchased the airline ticket 9 months before your sisters wedding. Moreover, today (six months before the wedding), they paid for the honeymoon package of your sister and her fiance. After seeing the power of savings, they decided to start saving for their retirement. They both have state-sponsored retirement plans. Each will be paid $1,200 at the beginning of every month during their retirement from these state-sponsored plans as long as they live. They would like to have a monthly income of $6,000 in addition to the money they will get from their state-sponsored retirement plans during their retirement. They also would like to receive this $6,000 additional income at the beginning of every month during their retirement. They hope to live for 20 more years after retirement. They will get the first monthly income from this account on the day they retire and the last income one month before their 20th retirement anniversary. They plan to work for 16 more years and then retire. To achieve their retirement goal, your parents open up a retirement account in their bank. Their bank pays a 7.5% interest rate per year with monthly compounding on retirement accounts until the account owners die. Determine the amount of money your parents need to accumulate in their account by the time of their retirement to achieve their retirement goal. c. Your parents decided to make quarterly deposits into their retirement account starting today. Their last deposit into the account will be on their retirement day. Determine the quarterly deposits your parents have to make into their retirement account. d. With your sister moving out and you having a scholarship covering all of your college expenses, your parents decided that they can deposit $7,200 every quarter into their retirement account. Any money that they cannot use during their retirement period will be divided equally between you and your sister. Determine the amount of money each of you will get from your parents when they die.