John, who has just turned 30 years old, wants to set up a do-it-yourself pension fund by making deposits to a bank account attracting interest at 3% com- pounded monthly. The fund should enable John to withdraw 10 000 kr per month for 10 years, from the month he turns 65 years old.

1. (A) What is the present value of the future withdrawals from the bank ac- count?

2. (B) To ensure that he has enough money in the bank account to cover these future withdrawals, John wants to deposit a fixed amount each month, starting now, until one month before his 65th birthday. What amount should he deposit each month?