Upon retirement from the trash collection business, you wish to make equal monthly withdrawals of $6200 for 30 years to fund your lifestyle and pay for security protection. If you plan to save for 20 years and your account earns 3.09% interest compounded monthly, how much should you have in your account at the end of saving for 20 years and what monthly payment is needed to save up this amount?

The amount that you should have saved at the end of the 20 years to be able to withdraw $6200 each month for the next 30 years is $. (Round answer to the nearest cent.)

The monthly deposit required to save this amount is $. (Round answer to the nearest cent.)

Olivia wants to purchase a new car in 4 years. Rather than taking out a loan, she wants to save up $31,200 over the next 4 years and pay for the car in cash. If she makes monthly payments into an account earning 7% compounded monthly, what payment size is necessary to meet her goal?

The payment needed is $ (Round to the nearest cent.)