At age 25 you decide to start your retirement account, and put $750 at the end of each quarter into an account paying 5.25% compound interest. At age 55, you decide to spend the money you normally invest on a midlife crisis sports car, and so you no longer make payments into the retirement account. The account continues to pay 5.25% compounded quarterly.

a) You decide to retire at age 65 and use this account to help fund your retirement. What is the account worth at this point? (Hint: this is a two-step calculation...)

b) If you are going to live off this account after you retire, making monthly withdrawals, and assume you will live another 20 years, how much can you withdraw each month, assuming the account continues under the same compounding terms, 5.25% compounded quarterly?