Please solve Question 1:

Question 1 1. You are planning for your retirement. APR is 9% compounded monthly. Assume the following: a. You will be receiving a monthly salary for the next 30 years, starting one month from now. b. You will retire 30 years from now (you wont be receiving any salary after that). c. Once you retire, you will be making a retirement withdrawal of $4,000 per month for 20 years, with the first withdrawal one month after the day you retire. d. You plan to spend $500,000 for a new house 40 years from now. e. You just won a lottery. It will pay you $2,000 per year for the next 20 years with the first payment coming one year from now. You will be investing these inflows towards the house purchase and retirement expenses.

To cover the rest of the house purchase and retirement expenses (note that the lottery investments are not enough to cover all of it), you will be saving a fixed amount of money out of your salary each month, starting one month from now and until the time you retire. How much would you have to save each month out of your salary over the next 30 years, to fully cover these house purchase and retirement expenses? (assume that your salary is large enough to be able to cover this amount)