You just decided to begin

saving for retirement.

You will make deposits of $1,000 per month into a

retirement account that earns 8.00% p.a.

The first deposit is made today and the last deposit will be

made when you retire exactly 30 years from today. The day you retire you will

buy an RV for $240,000.

You will begin to make withdrawals from the account the first month after you retire.

If you plan to

live an addition 25 years, you will be able to withdraw $_____.

(Note: you make 300 total monthly

withdrawals from your retiremen

t account.)