Question 2 (25 marks) Part 1 - 16 marks Required: 1. List out the six-steps financial planning process. (6 marks) 2. When setting financial goals, the SMART approach is recommended. Discuss what the SMART approach is and set an intermediate term financial goal based on the SMART approach. (10 marks) Part 2 - 9 marks Bill is planning to by a sports car 8 years later. Bill expects the sports car would cost around $600,000 at the end of year 8. Required: Please answer the following INDEPEDENT scenarios: How much Bill needs to have today to buy the sports car if he can invest the funds to earn an annual return of 7%? (3 marks) Assuming Bill does not have any money right now, how much he has to save at the end of each year if he can earn an annual return of 6%? (3 marks) 3. Assuming Bill has $280,000 right now, how much he has to save at the end of each year if he can earn an annual return of 8% on both the lump sum and the annuity