Question: You convinced your uncle to start contributing a fixed amount to his retirement account at the end of every month from December 2021 to his

You convinced your uncle to start contributing a fixed amount to his retirement account at the end of every month from December 2021 to his retirement in December 2033. Once retired, he will stop contributing and start withdrawing monthly a constant amount for living expense till December 2053. The retirement account yields a 6% APR on average and he will use the same account from now to 2053.

If he contributes $500 monthly from Dec 2021 to Dec 2033, how much can he withdraw monthly after retirement? Hint: Account balance in Dec 2033 is the key. If he wants to withdraw $1,000 per month from the retirement account from Dec 2033 to Dec 2053, how much does he have to contribute monthly from 2021 to 2033?

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