Suppose you are given the following information:

Years until retirement: 45

Years in retirement: 20

Amount to withdraw each month in retirement: $11,000

ROR (working and retirement): 7%

Bequest amount: $250,000

Nestegg: $10,000

Part A: Assuming that the first monthly withdrawal occurs on the first day of retirement, calcualte the amount needed at retirement to achieve the desired lifestyle.

Part B: Assuming that the first contribution into the retirement acocunt will be made one month from today, calculate the month contribution necessary to achieve the required balance.