Say, you are are 35 years old and are looking to retire at age 65.

1)Based on how you want to live in retirement and other sources of retirement income you have available, how much money do you think you will need to draw from this savings account during each year during retirement?

2) You are about to set up a new retirement savings account that earns interest at a 3.7% APR ,you want to make monthly contributions to that account from now until you retire. The goal is to save enough money so that you will be able to withdraw the money you need each month without depleting your principal. How much money do you need to contribute to the account each month?