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Daniel plans to retire in 35 years, when he is 65 years old. At that time, he would like to have saved $500 000 in

Daniel plans to retire in 35 years, when he is 65 years old. At that time, he would like to have saved $500 000 in his RRSP.
1. a) Determine the monthly deposits he should make into his RRSP if the rate of interest
  
  earned is fixed at 5.6% per year, compounded monthly.
2. b) Once he retires, Daniel thinks he will live to age 90. How much can he take out
  
  monthly, so that his RRSP will last him till the end of his life.

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