a) How much should you deposit at the end of each month into a retirement annuity that pays 3% compounded monthly to have $1,000,000 when you retire in 37 years?

b) How much of the $1,000,000 comes from interest?

c) Assuming you are retired for 30 years, how much can you withdraw from the retirement account each month?

(Note: The account is still earning interest during retirement.)

Round final answers to the nearest cent.

Use the answer from (a) to answer (b) and the answer from (b) to answer (c).

a) In order to have $1,000,000 in 37 years, you should deposit $___ each month.

b) A total of $___ was deposited into the annuity, so $___ of the $1,000,000 at the time of retirement came from interest.

c) You will be able to withdraw $___ monthly during your retirement.