1. Your goal is to have $3,000,000 so you can retire. You deposit $5,000 into the account immediately, but then can only save $500 per month (at the end of each month). You plan to do this for 35 years. What monthly/annual rate do you need to earn on the account?

b. You realize that you can expect to earn only 8% per year (compounded monthly) on the account. Assuming you still deposit the $5,000 immediately and the goal is still $3,000,000 in 35 years, how much would you need to save each month to reach your goal?

c.Once you retire, you think you can earn 5% on your account. If you start with $3,000,000 at retirement, and withdraw $200,000 per year, how many years will your money last?