(1 point) Suppose that for retirement purposes, over the course of 23 years, you make monthly...

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(1 point) Suppose that for retirement purposes, over the courseof 23 years, you make monthly deposits of $240.00$240.00 into anordinary annuity that pays an annual interest rate of 2.273%2.273%compounded monthly. After those 23 years, you then want to makemonthly withdrawals for 27 years, reducing the balance in theaccount to zero dollars.
a) Find the amount of money you have accumulated in the annuityover the first 23 years:
b) How much should you withdrawing monthly from your account sothat the balance reaches zero dollars after the final 27 years?
(Note: Your answers should have a dollar signand be accurate to two decimal places)

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(1 point) Suppose that for retirement purposes, over the courseof 23 years, you make monthly deposits of $240.00$240.00 into anordinary annuity that pays an annual interest rate of 2.273%2.273%compounded monthly. After those 23 years, you then want to makemonthly withdrawals for 27 years, reducing the balance in theaccount to zero dollars.a) Find the amount of money you have accumulated in the annuityover the first 23 years:b) How much should you withdrawing monthly from your account sothat the balance reaches zero dollars after the final 27 years?(Note: Your answers should have a dollar signand be accurate to two decimal places)