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Nina has just started saving for retirement. She wants to be able to withdraw $90,000 a year for 35 years after retirement. (The first

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Nina has just started saving for retirement. She wants to be able to withdraw $90,000 a year for 35 years after retirement. (The first withdrawal will come one year after she retires). Nina has found the perfect retirement account that will provide her 4% interest compounded monthly. A. How much money should Nina have in her retirement account at retirement to be able to make these withdrawals of $90,000 a year all through her retirement? B. If Nina wants to make monthly deposits into her retirement account, starting next month and continuing for the next 14 years until she retires, what should her monthly deposit be in order to have enough money at retirement? NOTES: 1. Please provide your calculator inputs and output for each part (A and B). Even if you use the formulas instead of the calculator, please still provide the inputs/output (as you would on calculator) as follows: N =, I/Y = (as %), PV=, PMT=, FV = ... Remember, your CY and PY calculator values should be set to 1. 2. Please enter ALL numbers as POSITIVE numbers even though you would need to enter a number as negative in your calculator! Part A N = = I/Y (as percent, e.g. 10.25 for 10.25%) PV = PMT = FV = % $ S $ Part B N = I/Y = (as percent, e.g. 10.25 for 10.25%) PV = PMT = FV = $ S $ %

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