An investor saves for retirement $6500 per month in the next 40 years. The money is invested in a stock/ bond portfolio and is expected to earn an average of 8% per year. When he retires, he believes he will live 30 years and he will invest his retirement fund in a conservative bond fund that will earn 4% per year. a. Calculate the investors planned equal monthly withdrawals in his retirement years. b. How will your answer change if the investor saves an additional two years; that is 42 years of saving, and still 30 years of withdrawals.

Please provide detailed step by step how to arrive to answer