QUESTION 4 (16 marks) Li Ping is 39 years old and plans to retire at age 65. She will be saving $5,000 at end of each year for the next 10 years beginning from age 40. Assuming the investment will earn 6% per annum: What is the lump sum savings she will have at the end of age 49 (beginning of age (4 marks) (a) 50)? Li Ping wants to have a retirement income of $40,000 at the end of each year for 15 years from the retirement age till age 80. What is the lump sum present value of the (7 marks) (b) retirement income at the end of age 49 (beginning of age 50)? Based on your answers in Parts (a) and (b), calculate how much must Li Ping save each year from age 50 to age 64 in order to achieve her retirement goal? (5 marks) (c)