Jennifer's pension plan is an annuity with a guaranteed return of 7% per year (compounded monthly). She can afford to put $300 per month into the fund, and she will work for 45 years before retiring.

How much money (in dollars) has accumulated when Jennifer retires? (Round your answer to the nearest cent.)

$

If Jennifer's pension is then paid out monthly based on a 20-year payout, how much (in dollars) will she receive per month? (Round your answer to the nearest cent.)

$