1. You currently have $350,000 saved in your retirement account and plan to save $1,500 per month until you retire in 35 years. If you earn 9% APR until you retire, how much can you withdraw each year for 30 years in your retirement if you earn 6% during your retirement??
A. $346,003
B. $157,920
C. $907,012
D. $801,149
2. If you save $800 per month for the next 40 years at 10% annual interest and then retire, how much can you withdraw each month of your retirement for 28 years if you earn 5% during your retirement?
A. $28,007
B. $36,851
C. $1,107
D. $13,486