3. After you earn a degree, you found a job, and you pay off all the student loans. Now you can save some money for your retirement. You find out that you will need $ for living expenses. a month a) a. How much money do you need when you retire if you place all of it in a compound interest account that earns 6% compounded monthly, and is living off the interest-only? not A = P(1+) (20pts) (Hint: Are you looking for the Future value or Principal value? Note that Future value = Principal + Interest, t=1 means 1 year, and t=1/12 means 1 month. Think about how often you want to withdraw the interest portion from the account to decide the t.)