Knowing that you have done some work looking at retirement accounts in your Quantitative Reasoning class, this relative has asked you for your help. Currently, this relative has $300,000 in a retirement account. Your relative wants to look at what will happen to the account if she continues with her monthly $350 payment and what happens if she stretches her budget to make a $500 monthly payment. You will assume that the retirement account has an APY of 8%. Your tasks are as follows. 1. Using the spreadsheet for figuring out how much savings you will get into your retirement account (from 11/6), figure out how much money your relative will have in her account after twelve years (144 months). Do this for both the $350 and $500 monthly payment into the account. Upload the spreadsheet for the $350 payments and report both ending balances in your letter. (10 points) 2. Using the spreadsheet for spending during retirement, figure out how long your relatives account will last with each of the the two scenarios of saving you looked at (the ending balance from the previous part becomes your beginning balance for this part). Assume an initial withdrawal of $50,000 in the first year, an annual rate of return of 4%, and an annual rate of inflation of 2.5%. Submit this spreadsheet for the $350 monthly payment options ending balance and in your letter, explain how long each scenarios retirement account will last. (10 points) 3. In your letter, discuss if you think each scenarios retirement account will last long enough (assume your relative is retiring at age 68