Arturo just got his first full-time job after graduating from college at age 27. He decided to invest $ 200 per month in an account yielding 8% yearly interest rate which is compounded monthly.

(a) How much will be in the Arturos account when he retires years from now at his sixty-seventh birthday?

(b) Assuming that Arturo will live other 15 years. Compute how much money can be drawn monthly from the account in order to give Arturo an annuity for the rest of his days.

(c) What is the amount of the annuity if Arturo lives other 20 years?