When 38-year-old Barney retires at age 62 his retirement account, which pays 7.4% compounded monthly, will be worth $1560000.

When 38-year-old Barney retires at age 62 his retirement account, which pays 7.4% compounded monthly, will be worth $1560000.Provide answers correct to at least six significant digits for each of the following. How much can be withdrawn monthly, starting one month after retirement, such that he completely exhausts the principal by age 89? Assuming inflation is 2% annually, how much is his first withdrawal in today's dollars?