Part 1 Ben hopes to retire at the age of 65 and plans to live to be 95 years old. He wants to open a retirement account that will pay him $2,600 a month. Ben finds an account that earns interest at 8% compounded monthly. a) How much will Ben need in his account at the beginning of his retirement? PV = 5/12 (354,3708 b) If Ben is currently 28 years old, what should his monthly deposits into the account be? c) What is the total that Ben will deposit? Total deposits = monthly deposit x total number of deposits d) What is the total that Ben will withdraw if he lives to be 95? Total withdrawals = monthly withdrawal x total number of withdrawals e) If Ben had started his account at 36 instead of 28, what would his monthly deposits have been? Answers: Part 1 a) $354,337.08 b) $130.44 c) $57,915.36 d) $936,000. e) $259.66