Suppose that you are 22 today and that your salary for the year ending today is $61,250. Suppose that you are paid on an annual basis at the end of each year; so you are receiving $61,250 today. You plan to retire at age 68and will need 75% of your last year’s salary for your annual living expenses starting at age 69. You have saved $50,000 to date. All living expenses between now and retirement will be covered by your annual salary in each year. All living expenses after retirement will be covered by your retirement income. Assume that your first withdrawal from your retirement account for post-retirement income occurs on your 69th birthdayand that you next deposit into your retirement account will be one year from now. You have some older relatives that have always had an interest in you and have indicated that you are in their wills. Assume that you will inherit $100,000 when you turn 36. Assume also that, given the state of health care costs and a family history of healthcare issues, that you will need to have an amount of $1.25 million available by age 57 to cover healthcare costs above and beyond what your health insurance plan is likely to cover. Assume that you will save 10% of your annual income while you work, and that you will not save any additional amount after you retire. You project that your salary will grow at a rate of 5% and that your retirement income needs will grow at 3%to reflect long-term inflation forecasts. The higher growth rate in your salary reflects your expectation that you will receive promotions and that absent promotions your salary will keep pace with inflation. The appropriate interest rate for your working life is 9% and declines to 6% after you retire. How much will you have to leave to your heirs if you live to age 90?