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A person wants to establish an annuity for retirement. He wants to make monthly deposits...

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Accounting

A person wants to establish an annuity for retirement. He wants to make monthly deposits for 2525 years so that he can then make monthly withdraws of $3,600.00$3,600.00 for 1010 years. The annuity earns 7.67.6% compounded monthly.

(a) How much will have to be in the account at the time he retires?

Value of account at retirement:

[Note: Your answer is a dollar amount and should have a dollar sign and exactly two decimal places.]

(b) How much should be deposited each month for 2525 years in order to accumulate the required amount?

monthly deposit:

[Note: Your answer is a dollar amount and should have a dollar sign and exactly two decimal places.]

(c) What is the total amount of interest earned during the 3535-year period?

Total Interest Earned:

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