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Ron is planning for retirement and hopes to make withdraws of $3,600 at the end of...

Ron is planning for retirement and hopes to make withdraws of $3,600 at the end of each month for 13 years once he's retired. He plans on retiring in 20 years.

(a) Find the amount that Ron must have in his retirement account in 20 years from now in order to achieve his financial retirement goal assuming that once he is retired he will earn 5% compounded monthly.

(b) If Ron plans to work for another 20 years and also plans to make monthly deposits in a retirement account during that time, how much should Ron deposit in the account each month so that he can achieve his financial retirement goal assuming that he can earn 13% compounded monthly.

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