Suppose you wish to retire 30 years from today. You have determined that you would need $75,000 annually once you retire, which you will withdraw at the end of each year. You estimate that you will earn 6% on your retirement funds, compounded annually, and that you will live for 20 years after retirement. a. How much funds would you need on retirement to fulfill your goals above.

b) In order to save this amount (from #8 part (a)), you decide to begin saving immediately. Assuming you can earn 12% interest, compounded MONTHLY, how much will you have to deposit at the BEGINNING of EACH MONTH to acquire the funds needed? Remember: you have 30 years to retirement.