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The Goodhart family, whose acquaintance we have made earlier, are setting up a retirement plan. They will make fixed monthly contributions to a pension fund,

The Goodhart family, whose acquaintance we have made earlier, are setting up a retirement plan. They will make fixed monthly contributions to a pension fund, until Mr and Mrs Goodhart retire 30 years from now. After retirement, the family are planning to withdraw a fixed amount A each month for the next 20 years. Assume that the fund earns a fixed 6% return.a) If the Goodharts plan to withdraw 2,000 each month, how much would they have to pay into the fund each month before they retire?b) How much can the family withdraw each month after retirement, if they can only afford to contribute 250 each month to the fund now?

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