Problem 4 An aging parent recently passed away, leaving a $100,000 life insurance policy to her only child, Joe. Joe happened to have taken Schlegel's Math 135 class and knew that he could spend the money now or invest it. Making a smart choice, he decides to invest the money in an account that generates 9% interest collopounded monthly. The future value of the investment is given by S=100000(1.0075)(12t) a) If the Joe is 45 years old now, how much money will be in the account when he retires at age 65 ? (2 points) b) If Joe were to withdraw $500,000 from the account when he retires at age 65 and leave the remainder to his daughter Emily (who will be 35 when her father retires) how much will Emily have in the account when she retires at age 65 ? Use the equation S=100915.15(1.0075)(12t).(2 points) P.S. This is how people get rich, stay rich, and pass wealth on to their children for generations to come. We'll talk more about this in Chapter 6 :)