10

10. [Maximum mark: 6]
    When Daniel retires, he invests $400 000 in an annuity fund that earns interest at a nominal rate of 4.5 Daniel then withdraws$3600 at the end of every month to pay for his living expenses.

(a) Find how much is in the annuity fund after 5 years. [3]

(b) Calculate how many times Daniel is able to make these withdrawals. [3]