Problem $5-35$ Spreadsheet Problem: Investing for Retirement and Retirement Annuity $($LG$5-2,$ LG$5-9)$

Consider a person who begins contributing to a retirement plan at age $25$ and contributes for $40$ years until retirement at age $65.$ For the first $10$ years, she contributes $$268$ per month. She increases the contribution rate to $$434\mathrm{.}67$ per month in years $11$ through $20.$ This is followed by increases to $$851\mathrm{.}33$ per month in years $21$ through $30$ and to $$1,268$ per month for the last $10$ years. This money earns a $5$ percent return.

First compute the value of the retirement plan when she turns age $65.$

Compute the monthly payment she would receive over the next $40$ years if the wealth was converted to an annuity payment at $2$ percent.

Note: Do not round intermediate calculations and round your final answers to $2$ decimal places.

$\backslash$table$[[$Value of retirement assets,$],[$Monthly payment,$]]$