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Time value of money

1.If Ryan who is 27 years old, wants to have one million dollars(today dollars) when he retires at age 65, how much should he save in equal monthly deposits from the end of the next month. Assume his savings earn a rate of 7% per year (A.P.R)

2. If Ryan who is 27 years old, wants to have one million dollars(today dollars) when he retires at age 65, how much can he withdraw each month( beginning one month after his retirement) in equal dollars, if he lives up to age 85. Assume that this investment fund yields a nominal rate of return of 7% per year.

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