please answer 3-5.

Use the following information to answer questions 3-5. Tim and Meg are trying to make sure they are saving enough for retirement. Together they earn $90,000 and they believe that when they retire in 20 years they should only need $80,000 in today's dollars to pay all their expenses in retirement. They are currently saving $1.000 at the end of month and they have accumulated $75,000 in their retirement accounts. Assuming inflation averages 3% per year (compounds monthly at the end of each month), and they will live in retirement for 30 years, and they will eam 8% per year on their investments (also compounded monthly). They estimate Social Security benefits will $1,200 per month. They will want to receive their retirement income at the beginning of each month. Answer the following questions and be sure to show your work. (use these facts to answer questions 3-5) 3.) What is their monthly retirement need when they start retirement 20 years from now? In other words, how much will they need to withdraw from their retirement account each month to fund their retirement 20 years from now? a.) $12,138.37 b) $9,953.46 c.) $8,132.71 4) S6,666.67 .)$5,466.67 4.) What will their retirement account balance need to be to support the monthly withdrawal rate calculated above? a.) $1,892,906 b) S1,885,280 c.) $1,665,288 4)S1,365,536 e) $155,582 5.) Are they currently saving enough each month to fund their retirement goal? a.) No, they need to save an additional S1,586 each month. b) No, they need to save $1,797 more each month. c.) No, they need to save an additional $2,214 each month. d) Yes, are saving $58 more than they need to e.) Yes, they are saving $330 more than they need to