Mr. Kam is now considering his future development planning and seeks your advice as below: (a) Mr. Kam is 25 years old today and is planning for his retirement. He wants to set aside an equal amount at the end of each of the next 35 years so that he can retire at age 60. He expects to live to the maximum age of 80 and wants to be able to withdraw $35,000 per year from the account on his 61st through 80th birthdays. The account is expected to earn 7 percent per annum for the entire period. Determine the size of the annual deposits that must be made by Mr. Kam. (b) Prepare the amortization loan schedule for Mr. Kam. The loan repayment period has 4 year-end equal annual payments, the loan amount is $50,000 with offer 7% loan interest.

(c) Mr. Kam's daughter, Janice, wanted to send her parents on a cruise for their 25th wedding anniversary. She has set the price of the voyage at $15,000 and she has five years to accumulate that amount. How much money would Janice have to save each year in an account with ten percent interest to have enough money for her parents to go on the trip?