3. Your friend, Huateng Ma, is celebrating his birthday and wants to start saving for his anticipated retirement. He has the following years to retirement and retirement spending goals: 1) Years until retirement: 40 2) Amount to withdraw each month: $5,000 3) Years to withdraw in retirement: 30 4) Annual percent rate: 6% Because Mr. Ding is planning ahead, the first withdrawal will not take place until one year after he retires. He wants to make equal monthly deposits into his account for his retirement fund. 1) What amount does he need for his withdrawals over 30 years at retirement? (8 points) 2) If he starts making these deposits next month and makes his last deposit on the day he retires, what amount must he deposit monthly to be able to make the desired withdrawals at retirement? (4 points) 3) What is the actual annual interest with monthly compounding? (3 points) 4) Suppose Mr. Ding will earn a large sum of money in year 2. Rather than making equal annual payments, he is expected to make one lump sum deposit in year 2 to cover his retirement needs. What amount does he have to deposit in year 2? (9 points)