2. (a) Graham Bell has just retired after 30 years with the telephone company. His total pension funds have an accumulated value of $625,000 and hus life expentancy is 16 more years. His pension funds manager assumes he can earn a return of 7 percent, compounded annually on his assets. What is the maximum he can withdraw at the end of each month from the fund? (Assume a constant monthly amount).

(b) Jonah had a great summer, but unfortunately, he ended the summer with a $5000 balance on his credit card. The interest rate on his card is 18% per year, compounded monthly. Since Jonah is back in school now, all he can afford to pay each month is $100. Assume that his parents have take away his card, so he cannot make any more charges and interest rate remains constant. Determine how long (in months) it will take Jonah to pay off his credit Card.