Please answer Question #10, (Q9 is only posted because the information is needed) Thanks!

Question 9 [5 pts]

It is Dec. 31, 2040, and you are planning to save for retirement over next 30 years. You will invest $850 per month in an equity investment account and $250 per month in a risk-free bond account. Assume that the return on the equity account is equal to 12% per year, while the risk-free rate is 6% per year. Determine the value of your saving at your retirement on Dec. 31, 2070.

Answer (show the steps/calculation toward your results):

Question 10 [5 pts]

To answer this question, use the information provided in Question 9. When you retire at the end of 2070, you will combine your money returned from the two accounts and put it in a risk-free account. Suppose the risk-free rate at your retirement will be 3% per year. If you wish to withdraw an equal amount each month over a 25-year period, from Jan. 31, 2071, how much will the monthly withdrawal be? *In case you are unsure about your result in Question 9, you are allowed to use $2,000,000 as the value of the sum of the money you will receive at your retirement on Dec. 31, 2070.

Answer (show the steps/calculation toward your results):