Jim is opening a retirement account with a bank that will pay him 6% interest compounded monthly. He has $50,000 to deposit into the account now and he will make deposits of equal amounts each month. He would like to have $900,000 in the account in 25 years. Use the approximation

1.005³⁰⁰ = 4.46

a) Determine how much money Jim should deposit into his account each month to meet his goal.

b) In 25 years, when Jim retires, he will have $900,000 in his account. At this time he transfers his money into a safer investment that pays him 3% interest compounded monthly. What is the maximum amount he can withdraw from his account each month if he wants to continue to withdraw that amount indefinitely?