Charlie is retiring this year and has a $400,000 retirement fund to draw from that has an NAR of 2.25% compounded monthly.
a. If Charlie plans to withdraw $2,000 at the end of each month, how many years would it last?
b. How many years will the fund last if Charlie withdraws $100,000 up front to pay for a retirement condominium, wants $30,000 in the account at the end, and withdraws $1,500 at the beginning of each month?