Question: plz show all steps and formula used on paper 2. [12 POINTS) You are planning to save for retirement over the next 35 years. To

plz show all steps and formula used on paper 2. [12

plz show all steps and formula used on paper

2. [12 POINTS) You are planning to save for retirement over the next 35 years. To do this, you will invest $400 per month in a retirement account. The rate of return for the retirement account is expected to be 6 percent per year. After you retire, you expect that the account will have an annual return of 3 percent. How much can you withdraw each month from your account assuming a 25-year withdrawal period during retirement

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