Retirement Paths Compare the following retirement paths. For each retirement plan assume the individuals need 2.5 million dollars to retire. Assume a rate of return of 8% APR, and current balance of $0. Plan A: start making monthly contributions immediately (annuity due) for the next 35 years. Calculate the monthly contribution needed to achieve the retirement goal. Create a column illustrating the monthly account balance. Plan B: start making monthly contributions 10 years from today, (t=120 is first payment) and have the same retirement date as Plan A. Calculate the monthly contribution needed to achieve the retirement goal. Create a column illustrating the monthly account balance. Plan C: suppose you make the same monthly payment as Plan A, and have the same monthly contribution horizon as Plan B, meaning you start 10 years late. Calculate the retirement shortfall, and create column illustrating the monthly account balance. Plan D: redo Plan A, however, assume you have hired a financial advisor to help you invest. The advisors fee is 1% NAV. Calculate the retirment shortfall, and then recalculate the monthly contributions need under this plan. Plan E: start making monthly contributions beginning at the end of the first month for the next 35 years. The first monthly contribution is the same as Plan A. Each year you increase your monthly contributions by 1% (e.g. CF1 – CF12 are constant, C13 – CF24 are 1% greater than CF1). How quickly will you reach your retirement goal? How much more will you have if you make the contributions for the entire 35 years?