19. Jensen will retire on his 65th birthday. He wants to withdraw $150,000 from his reti account on each birthday from his 66th to his 85th to cover his living expense. need in his retirement account on his 65th birthday? Assume interest rate is 10%. A. 1,297,304 B. 1,254,738 C. 8,291,250 D. 1,277,034 rement How much will he 20. You want to have $1,000,000 in your bank account by your 65th birthday. You made up ia monthly saving pla n today based on a 5% annual in terestrate. How will a sudden decrease less each interest rate in the future affect your monthly savings? Do you nced to ave more ofr month? A. More B. Less C. Same D. I don't know For Problems 21 and 22, use the following information: A couple saves $650.00 per month (at the end of each month) for 40 years. They can earn 7.30% annual interest with monthly compounding on this account. The couple wants their retirement account to last for 25 years. Once they begin retirement, they will move their money into a more conservative money market account that pays 3.00% per year. 21. How much money will they have in their account at the end of the 40 years? FV- $1.856,827.19 22The couple wants their retirement account to last for 25 years. How much can they withdraw each month after they retire if they want the money to last for 25 years? The first withdrawal will occur one month after the couple retires. Remember, the couple puts their money into an account paying 3.00% per year after they retire. PMT-$8,805.28