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2. (2 points) You are planning ahead and have decided to start saving for retirement. Even though you do not have much money to spare
2. (2 points) You are planning ahead and have decided to start saving for retirement. Even though you do not have much money to spare at this time, you have decided to put $50 each month into a savings account that yields a nominal interest of 1.2%, compounded monthly. Time is on your side! Assume that you can continue to make this investment for the next 40 years. 2.1. How much money will you have accrued at the end of that time period? 2.2. You expect to start withdrawing money from this savings account starting five years following your last deposit into that account. Your withdrawals will be of the same amount each month and you plan to deplete your funds over 15 years. How much money will you be able to withdraw each month over that time period
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