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You want to come up with a plan to save for retirement. You willcontribute to your retirement account monthly for 40 years. Onemonth after your last contribution you will begin monthlywithdrawals of $7,500 from that retirement account. You earn 6.6%APR while you’re contributing to your retirement savings and 3.6%APR while you are withdrawing. You want to have enough money tofinance 35 years in retirement. (Assume compounding frequenciesmatch the payment frequencies.)What kind of cash flow pattern are the retirementwithdrawals?a.Lump sum b.Annuity c. Perpetuity d. Growing perpetuityWhat variable would you solve for to find the value of all theretirement withdrawals at the beginning of retirement?a. Present value b. Payment c.Interest rate d. Time e. FutureValueWhat is the value of the retirement withdrawals at the beginningof retirement?What kind of cash flow pattern is the savings contributions?a. Lump sum b. Annuity c. Perpetuity b. Growing perpetuityWhat variable would you solve for to find the monthly savingscontribution?a. Present value b. Payment c. Interest rate d. Time e. FutureValueWhat is the monthly savings contribution you must make to fullyfund your retirement?