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You just celebrated your 3 0 th birthday and plan to retire when you turn 6 4 . You have $ 1 5 , 5

You just celebrated your 30th birthday and plan to retire when you turn 64. You have $15,568 accumulated in your RRSP and plan to deposit additional money each month to your RRSP for 34 years, starting today. On your 64th birthday you plan to withdraw $45,000 to pay off your mortgage and the remaining funds will be used to buy an annuity that will pay you $4,000/month for 26 years, with the first withdrawal starting one month after your 64th birthday. You anticipate earning 6.5%, compounded monthly, the entire time.
(A)How much must you deposit each month into your retirement plan?
(B)How much interest did you earn over the entire 60 years?
(C)Suppose instead of withdrawing $45,000 when you turn 64, you deposit $41,000 from a retirement bonus you will get when you retire. How much must you deposit each month?
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