Hello,How do i solve this problem without excel?Thanks (a) Assume that Luke Smith wants to retire in 20 years. He expects to live for another 15 yearsafter his retirement, and during retirement he wants to draw $12,000 at the beginning ofeach year from his savings account. How much will he have to deposit in his account at theend of each year for the next 20 years, given that the interest rate is 10 percent compoundedannually?(b) How would the amount computed under (a) be altered if Mr. Smith expects his wife tolive for 5 years after his death and if, in addition to the amounts provided for under (a) hewants her to be able to draw $6,000 at the beginning of each year during this additionalperiod?

In financial planning the present value the required amounts in future must be equal to future value…

) Assume that Luke Smith wants to retire in 20 years. He expects to live for another 15 after his retirement, and during retirement he wants to draw $12,000 at the beginni each year from his savings account. How much will he have to deposit in his account end of each year for the next 20 years, given that the interest rate is 10 percent compou annually? (b) How would the amount computed under (a) be altered if Mr. Smith expects his w