When Herb turned 20 years old, he started working for a company that produced outboard engines for boats. While working for the company, he contributed $110 at the end of each month into a savings account that earned 1.06 % interest compounded monthly for 25 years. At the end of the 25 th year of working for the company, the company went bankrupt. Fortunately, Herb found another job, but it didnt pay him enough money as the previous jobs did, so he stopped contributing money to the account altogether.

If Herb retires at the age of 70 and starts pulling money out of the account at the end of each month, then how much money can he withdraw at the end of each month so that the account will last him until he turns 84 years old? Use the appropriate formulas to solve this problem. Do NOT use the TVM Solver (or Microsoft EXCEL). Show all the necessary work and all the necessary steps in the calculations to indicate that you used the formula and not the TVM solver. Your final answer should be in the form of a sentence