Now that you have your first real job, you feel that you should begin saving for retirement. If you want to try and retire at age 60 with $500,000 in an annuity, find the monthly payment you need to make if the best rate you can find is 7.3%. You have chosen an annuity where you make your payment at the beginning of each month. (use a current age of 25 and a retirement age of 60).

a. what is the monthly payment?

b. how much money did you contribute?

c. How much of the amount is interest earned?