Your father is 45 years old today. He plans to retire in 20 years. Currently, he has $65,000 in a brokerage account. He plans to make 20 additional contributions of $12,000 a year. The first of these contributions will occur one year from today. The 20th and final contribution will occur on his 65th birthday.

Once he retires, your father plans to withdraw a fixed dollar amount from the account each year on his birthday. The first withdrawal will occur on his 66th birthday. His 20th and final withdrawal will occur on his 85th birthday. Assume that the brokerage account pays a 10 percent return with semi-annual compounding.

a. How much will your father accumulate in the account at the age of 65? (11 points)

b. How much will your father be able to withdraw from his account each year after he retires? (10 points)