You decide to open a retirement account at your local bank that pays 8%/year/month (8% per year compounded monthly). For the next 20 years, you will deposit $400 per month into the account, with all deposits and withdrawals occurring at month's end. On the day of the last deposit, you will retire. Your expenses during the first year of retirement will be covered by your company's retirement plan. As such, your first withdrawal from your retirement account will occur on the day exactly 12 months after the last deposit. Click here to access the TVM Factor Table Calculator Part a X Your answer is incorrect. What monthly withdrawal can you make if you want the account to last 15 years? $ 2440 Round entry to the nearest dollar. Tolerance is +4. Save for Later Attempts: 2 of 3 used Submit Answer Part b What monthly withdrawal can you make if you want the account to last forever (with infinite withdrawals)? $ Round entry to the nearest dollar. Tolerance is +4. Save for Later Attempts: 0 of 3 used Submit