Time value of moneyQUESTION 1Jean Adams has just turned 25 and wants to save money to meet a few life goals. First,she would like to be able to retire at age 55 with retirement income of $27,500 permonth until she reaches the age of 80, with the first payment received 30 years and 1month from now. Second, she would like to purchase a yacht when she turns 35 at anestimated cost of $335,000. Third, assuming that she passes away at age 80, shewould like to leave an inheritance of $1,675,000 to her nephew Steve. She can afford tosave $3,200 per month for the next 10 years.a)If she can earn an EAR of 11 percent before she retires and an EAR of 8 percentafter she retires, how much will she have to save each month in years 11 through30 (end of period payments)?b)How much will she have to save each month assuming beginning of periodpayments?QUESTION 2How long would it take to accumulate $1 million if you begin putting $100 in the bankevery week starting one week from now at an EAR of 8% with weekly compounding?There are 52 weeks in a year.