You want to come up with a plan to save for retirement. You will contribute to your retirement account monthly for 40 years. One month after your last contribution you will begin monthly withdrawals of $7,500 from that retirement account. You earn 6.6% APR while youre contributing to your retirement savings and 3.6% APR while you are withdrawing. You want to have enough money to finance 35 years in retirement. (Assume compounding frequencies match the payment frequencies.)

What variable would you solve for to find the monthly savings contribution? a. Present value b. Payment c. Interest rate d. Time e. Future Value

What is the monthly savings contribution you must make to fully fund your retirement?