You are trying to decide how much to save for retirement. Assumeyou plan to save $8,000 per year with the first investment made oneyear from now. You think you can earn 8.5​% per year on yourinvestments and you plan to retire in 39 ​years, immediately aftermaking your last $8,000 investment. a. How much will you have inyour retirement account on the day you​ retire? b.​ If, instead ofinvesting $8,000 per​ year, you wanted to make one​ lump-suminvestment today for your retirement that will result in the sameretirement​ saving, how much would that lump sum need to​ be? c. Ifyou hope to live for 24 years in​ retirement, how much can youwithdraw every year in retirement​ (starting one year after​retirement) so that you will just exhaust your savings with the24th withdrawal​ (assume your savings will continue to earn 8.5​%in​ retirement)? d.​ If, instead, you decide to withdraw $435,000per year in retirement​ (again with the first withdrawal one yearafter​ retiring), how many years will it take until you exhaustyour​ savings? (Use​ trial-and-error, a financial​ calculator:solve for​ \"N\", or​ Excel: function​ NPER) e. Assuming the most youcan afford to save is $1,600 per​ year, but you want to retire with$1,000,000 in your investment​ account, how high of a return do youneed to earn on your​ investments? (Use​ trial-and-error, afinancial​ calculator: solve for the interest​ rate, or​ Excel:function​ RATE)