You are 41 years old and hope to retire when you are 65. You have 24 years to retirement.

1. Based on how you want to live in retirement and any other sources of retirement income you have available, how much money do you think you will need to draw from this savings account each year during retirement?

2. You are about to set up a new retirement savings acct that earns 3% annual interest rate (APR). You want to make monthly contributions to that account till you retire. The goal is to save enough money so that you will be able to withdraw the money you need each month without depleting your principle (in reality, you will probably deplete your interest gradually). How much money do you need to contribute to the account each month?