We will do one more quick retirement account analysis problem tosee the impact of: (1) trying to save either a fixed amount eachyear or a constant percentage of your salary each year and (2)starting your retirement saving immediately or waiting 10 years toreally start your retirement savings. Let’s assume that you put asavings deposit into your 401k account at the end of each year bysaving money over that previous year period (i.e. so I normallythink of them as beginning of year transactions for my cash flowtable since I think of the “Period” column in my present valuetable as “time elapsed between time zero (e.g. today or wheneverthe cash flow table starts) and when the cash flow will takeplace.” (e.g. a cash flow in the row labelled “Period 1” occurs atthe end of Year 0 or beginning of Year 1, so 1 years time haselapsed since “time 0”) Assume you graduate with your B.S. inChemical Engineering in Spring semester 2023, take few months offto travel around Europe, and then start work in January 2024 with astarting salary of $70,000. You can also assume where it becomesimportant that you get an average yearly raise of 2% each year(i.e. so you make $70,000 your first year on the job, $71,400 yoursecond year, etc.). Assume that you are going to retire 40 yearslater in January 2064. Assume that you are going to live theaverage of 20 years into retirement, i.e. that you will die inJanuary 2084, and that you want to pay yourself $100,000 per yearin retirement income each year, and that both while saving andthroughout retirement that your 401k earns 7% in effective interestcompounded yearly. Case 1: Using an NPV analysis and assuming thatyou want to completely expend your retirement savings right whenyou die (i.e. NPV=0 for the entire series of cash flows then inthis case) and that you start saving with your first deposit at theend of 2024, how much would you have to save each year into yourretirement account if you wanted to save the exact same amount eachyear? Case 2: Using an NPV analysis and assuming that you want tocompletely expend your retirement savings right when you die (i.e.NPV=0 for the entire series of cash flows then in this case) andthat you start saving with your first deposit at the end of 2024,how much would you have to save each year on a percentage of yoursalary basis into your retirement account if you wanted to save theexact same percentage of your salary each year you are working(HINT: Here you may want to add a column to your cash flow table totrack your yearly salary as it increase due to raises)? Case 3:Using an NPV analysis and assuming that you want to completelyexpend your retirement savings right when you die (i.e. NPV=0 forthe entire series of cash flows then in this case) and that youhave fun in your 20’s and early 30’s and wait to start saving withyour first deposit at the end of 2034 (i.e. so now retirement isonly 30 years after you start saving), how much would you have tosave each year into your retirement account if you wanted to savethe exact same amount each year? Write a short discussion of howyou feel about your ability to achieve these types of retirementgoals and savings and comment on the effect of waiting to startsaving for retirement.