Jane Stevens is 30 years old and she is reviewing her retirement plans. She curr

Jane Stevens is 30 years old and
she is reviewing her retirement plans.
She currently has $20000 in a retirement account.Jane plans to invest another $5000 in the
account today (Year 0) and then increase this amount by 4% per year over the
next 40 years (Years 1 through 40).
However she has a 3-year old son who will attend college in 15
years.Jane will suspend her
contributions for four years while her son is in college i.e. she will not
make any contributions in Years 15 16 17 and 18.Her contribution in Year 19 will be 4% higher
than the one in Year 14.(a)How much will Jane have in her
retirement account immediately after she makes her last contribution in Year
40 assuming a return on her investments of 9%? Account balance at
Year 40 =(b)Jane wants to withdraw a constant
amount each year from her account over a 20-year period.Her first withdrawal will occur at age 71
(Year 41)
and the last at age 90.How much will
Jane be able to withdraw each year assuming a return on her investments of 5%
during her retirement years? Annual withdrawal
=I NEED STEP BY STEP ANSWERS TO QUESTION THAT IS EXACTLY WHICH FORMULA USED AT EACH STEP AND WAHT CALCULATION IS AND WHY