Suppose that Thomas Lee is enrolled in a defined contribution plan in which the employer contributes $8,000 each year. Thomas is earning $80,000 this year and his tax rate is 30 percent (which is not expected to change). Assume that the before- tax rate of return is 8 percent.

(a)(5%) What is the additional amount of funds that Thomas will have when he reaches retirement in 10 years as a result of this year's service?

(b)(15%) Suppose that Thomas's employer is planning to reduce half oftheir contribution to the defined contribution plan. Assume that Thomas would like to keep his retirement funds the same as they would have been with the defined contribution plan. If Thomas's only opportunity to save for retirement is in a nonqualified savings plan (no tax benefits), how much would Thomas need to receive in additional salary (which he would then save) to achieve his objective?

(there are many answers on chegg but they are wrong, could you please give a correct one if you know how to do this rather than copy others, thank you so much)