You just turned 35 years old today and have saved $40,000 toward retirement. You have committed to depositing $10,000 per year at the end of each of the next 15 years and $15,000 per year at the end of the following 15 years. You plan to retire starting at age 65. You want to have funds available for each of your expected 15 years of retirement. These funds will need to be available for withdraw at the beginning of each year of retirement; that is, when you make the last $15,000 annual deposit, you immediately start withdrawing monthly payments from your retirement account. Required: a. Assuming an annual, after-tax interest rate of 5 percent throughout the entire period of time, what will be the amount of each of those monthly annual retirement payments? b. Now suppose you are considering paying for your childs college tuition. Your child will start college in exactly 5 years from today. The first years tuition will be $20,000 and will be expected to rise by 5 percent over each of the subsequent three years. By how much will this gesture diminish your spendable portion of each retirement payment computed in part a? Assume the conditions stated in part a.