Please only attempt if you can solve the question with proper explanation. Please do not copy from Chegg.

40,000+ 40,000 6. (5 marks) John Doe is turning 40 years old today and plans to retire on his 70th birthday. He starts making monthly deposits (starting now) into an account that pays 6% compounded semiannually (every six months). Please determine the amount of the monthly deposits if he plans to withdraw $40,000 semiannually from the account beginning on his 70h birthday until his 85th birthday. (Note that the last deposit is made at the same time that the first withdrawal) Mick