A. You want to receive $3000 per month after you retire. If you can earn an interest rate of .8% per month and you expect to need the income for 30 years. How much do you need to have at your retirement?

B. Given the amount you need at your retirement computed from question a, how much do you need to save each month if you can earn .8% per month and you plan to save starting from today? Assume that you work for 30 years.

Round the final answers to 2 decimals. Do not round intermediate calculations.

Please include the formula if there is any and the process through which you get the answers for the questions providing a text box. These are an important part of grades. For example, for a question computing the number of periods, you can report t = -ln[1-6400/205*1.5%]/ln(1+1.5%) = 42.43 months or =NPER(1.5%,-205,6400) = 42.43 months.