At age 30 you decide to start your retirement account and put $570 at the end of each month into an 31) account paying 4.75% compound interest. At age 58, you decide to spend the money you normally invest on a vacation cabin, and so you no longer make payments into the retirement account. The account continues to pay 4.75% interest compounded monthly.

a. You decide to retire at age 69 and use this account to help fund your retirement. What is the account worth at this point?

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, 4.75% compounded monthly?