A) Eugene began to save for his retirement at age 35, and for 10 years he put $ 200 per month into an ordinary annuity at an annual interest rate of 6% compounded monthly. After the 10 years, Eugene was unable to make the monthly contribution of $ 200, so he moved the money from the annuity into another account that earned 6% interest compounded monthly. He left the money in this account for 20 years until he was ready to retire. How much money did he have for retirement?
Retirement amount=
B) If Eugene had waited until he was 45 years old to start saving for retirement and then decided to put money into an ordinary annuity for 20 years earning 6% interest compounded monthly, what monthly payment would he have to make to accumulate the same amount for retirement as you found in the first part of the question?
Retirement amount =