Suppose you want to deposit a lump sum in a mutual fund this year that earns 6% annual compound interest for your retirement to ensure that you have $400,000 when you retire 25 years from now. You will then take annual withdrawals for the first 10 years of your retirement and your first withdrawal will be at the end of your first year of retirement. Use this information to answer the following questions.

How much can you withdraw each year for 10 years after your retirement? Round to the nearest dollar.

How much would you need to deposit today to ensure that you could support your retirement needs? Round to the nearest dollar.