$(1$ point$)$

Suppose that for retirement purposes, over the course of $16$ years, you make monthly deposits of $$480\mathrm{.}00$ into an ordinary annuity that pays an annual interest rate

of $2\mathrm{.}393\%$ compounded monthly. After those $16$ years, you then want to make monthly withdrawals for $17$ years, reducing the balance in the account to zero

dollars.

a$)$ Find the amount of money you have accumulated in the annuity over the first $16$ years. $

b$)$ How much should you withdraw monthly from your account so that the balance reaches zero dollars after the final $17$ years? $