Jona Kenson, your good friend, has come to you for financial advice regarding their retirement which will occur in 20 years. They expect that post retirement, they will live for 24 years. Given the lifestyle they are accustomed to; they want to withdraw $120,000 for every year of their retirement at the beginning of each year, while still having $1,500,000 left in the account at the end of their life to provide inheritance for their loved ones. Jona is asking for you to determine how much they would need to save every month to achieve this. Jona has also provided you with the following information: Jona wishes to place monthly deposits in the bank account, starting one month from today; Jona will receive a retirement bonus, when they retire in 20 years of $75,000, which they will immediately place in the bank account; The current interest rate they are getting on their deposits is fixed until their retirement at 8% p.a. compounded semi-annually; After retirement, the money will be moved into very low risk investment vehicles, reducing the interest rate to 6% p.a. compounded monthly. Calculate the monthly payment Jona Kenson needs to deposit to satisfy these retirement requests. Jona Kenson, your good friend, has come to you for financial advice regarding their retirement which will occur in 20 years. They expect that post retirement, they will live for 24 years. Given the lifestyle they are accustomed to; they want to withdraw $120,000 for every year of their retirement at the beginning of each year, while still having $1,500,000 left in the account at the end of their life to provide inheritance for their loved ones. Jona is asking for you to determine how much they would need to save every month to achieve this. Jona has also provided you with the following information: Jona wishes to place monthly deposits in the bank account, starting one month from today; Jona will receive a retirement bonus, when they retire in 20 years of $75,000, which they will immediately place in the bank account; The current interest rate they are getting on their deposits is fixed until their retirement at 8% p.a. compounded semi-annually; After retirement, the money will be moved into very low risk investment vehicles, reducing the interest rate to 6% p.a. compounded monthly. Calculate the monthly payment Jona Kenson needs to deposit to satisfy these retirement requests