You are trying to plan for retirement in 12 years and currently you have $120,000 in a savings account and $240,000 in stocks. In addition, you plan to add to your savings by depositing $4,800 per quarter in your savings account at the end of each quarter for the next 12 years until retirement.

1. (5 points) Assume that your savings account returns 8 percent compounded quarterly and your investment in stocks will return 12 percent compounded quarterly. How much will you have at the end of 12 years?
2. (5 points) If you expect to live 25 years after you retire, and at retirement you deposit all of your savings in a bank account paying 6 percent, how much can you withdraw at the beginning of each month after retirement to end up with a zero-balance at death?