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Modeling1. Explore the mess by answering the following questions: a.) What do we know? Bob Davidson is a 46 years old tenured professor at New England Business School for 12years. His wife Margaret has no regular income. They also have a 6-year-old daughter name Sue. Both of Bob’s father and grandfather died at an early age with cancer. Bob is diagnosed with Glaucoma.Bob earns nine-month school salary for $95,000, and $21,109 comes from research contribution. From consulting, executive education, and other activities he earns $10,000 to $20,000 per year. His home worth $140,000, current equity is $ 40, 000, Rainy day fund is $ 50,000. His mothers’ net worth is $300,000, and his mother in-laws net worth is $300,00 - $400,000.Bob invested $9,500 in Retirement Fund, and extra 10% comes from school contribution,also $7,500 per year from personal contribution. $137,000 – TIAA -CREF, 20% long term bond, 80% Global Equity Fund (40% U.S. and 60% non-US equities).b.) What can we assume? Bob would like to retire between the age of 60 or 65, and he will have enough savings forhis family after the retirement and travel extensively after. He has no plan to move to a