Owen Freeman wishes to have $800,000 in a retirement fund 20 years from now.He can create the retirement fund by making a single lump-sum deposit today.

1. If upon retirement in 20 years, Owen plans to invest $800,000 in a fund that earns 4 percent, what is the maximum annual withdrawal he can make over the following 15 years?
2. How much would Owen need to have on deposit at retirement in order to withdraw $35,000 annually over the 15 years if the retirement fund earns 4 percent?
3. To achieve his annual withdrawal goal of $35,000 calculated in part b, how much more than the amount calculated in part a must Owen deposit today in an investment earning 4 percent annual interest?