As a financial advisor, your client, aged 45, is due to retire in20 years time has annual earnings of $70,000. He has standingto his credit in his retirement savings accounts $200,000. Heexpects to receive annual salary increments of 4.5% per annumat the beginning of each year for the next nineteen years andcontribute 20% of his annual earnings at the beginning of eachyear, the first due now, in to his savings fund, which is expectedto provide 6.5% annual growth throughout the accumulationperiod. Advise your client by performing the following calculations. Calculate the 20 annual 2.5% inflation proofed amounts, thefirst of which is W that he may be able to withdraw fromthis fund on retirement, the first withdrawal being made atretirement, and what percentage the first installment forms of the expected final salary just before retirement, assumingthe fund earns 4.5% per annum during retirement.