Christy and Michael – Future Value and Annuity Payments – 

Future Value and Annuity Payments,Christy and Michael are trying to decide if they will haveenough money to retire early in 15 years, at age 60. Their current assets are $250,000 in retirement plansand they have $90,000 in other investments. ,Together, they contribute $30,000 per year to theirretirement plans and another $6,000 to other investments.,a. If their assets grow at 9 percent per year, how muchmoney will they have when they turn 60?,b. After they retire, they will invest their wealth moreconservatively and it will earn 6 percent per year. What will be the amount of their annual payments if theyexpect to live for 30 years in retirement?