John makes annual deposits of $1300 to an an IRA earning 4% compounded annually for 18 years. a) What was the value of his IRA at the end of 18 years? Answer = $ b) How much can John withdraw each year for the next 23 years at 4 % compounded annually? (Consider John wants his money back from IRA, in other words, IRA now owes him money. Which formula do you need to use?)

Answer = $