Please answer using the financial calculator format.

1. Your friend Bob just retired after running a donut shop for 40 years. He has saved $6 million in his retirement accounts. Currently, he has his money in bond funds that have a 5% annual rate of return. How much will Bob be able to withdraw at the beginning of each month for the next 30 years? Assume that he will have $0 left after year 30.

2. You were 66% approved for your 30-year mortgage with a 9% interest rate and monthly payments. What is your effective annual rate? (EAR)

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