Question: please help me with these 2 questions. keep getting them wrong. thank you! Derek plans to retire on his 65th birthday. However, he plans to
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 71.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 71.0 when he fully retires, he will begin to make annual withdrawals of $104,814.00 from his retirement account until he turns 92.00. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 9.00% interest rate. Submit Answer format: Currency: Round to: 2 decimal places. #2 Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 74.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 74.0 when he fully retires, he will begin to make annual withdrawals of $151,860.00 from his retirement account until he turns 87.00. After this final withdrawal, he wants $1.10 million remaining in his account. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 4.00% interest rate. Submit Answer format: Currency: Round to: 2 decimal places
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