Currently, I am 30 years old. I will retire at the age of 60 years.So, I have a period of 30 years until I retire.After retirement I want to live until the age of 80 so I will be withdrawing $60,000...

Currently, I am 30 years old. I will retire at the age of 60 years.So, I have a period of 30 years until I retire.After retirement I want to live until the age of 80 so I will be withdrawing $60,000 per year till the age of 80.After retirement, I will need to withdraw $60,000. So, the monthly withdrawal is $60,000/12 = $ 5000.Now, for the new account, the annual interest rate is 3%. The monthly rate is 3%/12 = 0.25%.After retirement, there are 20 years, which means that n = 20 × 12 = 240 months.The present value of annuity is = Monthly payment*[1-1/(1+r)n]/r = [($5000)/0.25%] × [1-1/(1+0.25%)240]. = $901554.6.I have 30 years until I retire. So, n= 30 × 12 = 360 months.Now, future value of annuity is = Monthly Deposit* [(1+r)n – 1]/rThis implies that $901554.6 = Monthly Deposit* [(1+0.25%)360 – 1]/0.25%So, monthly deposits will be $1547.10.Hence, I need to contribute $1547.10 to the account each monthThe problem you must solve is:Consider the savings plan you developed above. How much did you determine you need to save each month? You do not need to repeat those calculations here, but just re-state your conclusion.With the 3% account, the monthly payments might be difficult to maintain, so you decide to wait 5 more years until you retire. What are your monthly payments with this plan?Suppose you can find an account that earns interest at 4% interest instead. How does that change your monthly payments? (You choose how long until you retire in this question.)State your conclusions and interpretations of these calculations.This must be in APA format.