Jeff has just started saving for retirement. He wants to be able to withdraw $5,000 a month for 10 years after retirement. (The first withdrawal comes one month

after retirement, so it is a regular annuity, not an annuity due). Jeff has found the perfect retirement account that will provide him 5% interest compounded monthly

.

A. How much money should Jeff have in his retirement account at retirement to be able to make these withdrawals of $5,000 a month all through his retirement?

B. If Jeff wants to make monthly deposits into his retirement account, starting next month and continuing for the next 30 years until he retires, what should his monthly deposit

be in order to have enough money at retirement?