Your father wants to retire in $20$ years and would like to withdrawal $$8,000$ at the end of each month for $30$ years after he retired. Assume he can invest his money at $8\%$ annual interest $($monthly compounding$)$ until retirement and further assume that he will earn $5\%$ interest $($monthly compounding$)$ during retirement. How much money would your father need at the point of retirement?

Question $33$ options:

$$6,658,069\mathrm{.}08$

$$2,880,000$

None of the answers is correct

$$1,212,202\mathrm{.}51$

$$1,490,252\mathrm{.}94$