You are working at a job that has a pension fund for retirement and you contribute $500 per month. The pension guarantees a 6.5% per year, compounded monthly. You plan on working at this job for another 20 years before retiring.
a. How much will you have in your account when you retire? (to the nearest cent)
b. If you want to receive money for 25 years after you retire, given the same terms as above, how much will you recieve each month?