you plan to retire in 20 years time and expect to live for 30 years after you retire. In order to do this, you plan to save $20,000 each year for the next 20 years and put this money into a term deposit account at the end of each year, which pays interest at 6%p.a. and compounds interest annually. The term deposit is exempt from tax. Your first deposit goes into the account at the end of this year

a) How much money will you be able to take out every year to live on in retirement if you withdraw each year's amount at the beginning of that year?