A man is planning to retire in 20 years. He can deposit money for his retirement at 6% compounded monthly. It is estimated that the future general inflation (f̅) rate will be 5% compounded annually. What deposit must be made each month until the man retires so that he can make annual withdrawals of $40,000, in terms of today’s dollars, over the 15 years following his retirement? (Assume that his first withdrawal occurs at the end of the first six months after his retirement.)