You plan on starting a retirement fund at the end of the year.The fund earns 11% per year. You will invest X dollars into thefund. You plan to retire at the end of 40 years from now. Once youretire, you will take your entire retirement fund and transfer itinto a safer investment that will only earn 5% interest per yearcompounded monthly. You will need $4000 per month for 30 yearsduring your retirement to sustain your lifestyle. (After whichpoint, RIP). Calculate exactly how much money you will deposit inyour retirement account at the end of this year. Your cousin who isthe same age as you and with the same life expectancy and desiredretirement age decides she will wait 10 years to start saving forretirement (so she will save for only 30 years). How much does sheneed to invest per year to achieve the same retirement nest egg asyou when she retires? Finally, your lazy best friend who is alsoyour age decides he will wait 10 years to start saving forretirement just like your cousin. However, he will only save thesame amount you save per year. He will retire at the same time asyou and reinvest just like you do into a safer investment. He willtry to live the same life style as you. How long after retirement(in months) before he is broke?