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Dean Gooch is planning for his retirement, so he is setting up a payout annuity...

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Accounting

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Dean Gooch is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of $1,400 per month for twenty five years. His money earns 7.3% interest compounded monthly. (Round your answers to the nearest cent.) (a) How large a monthly payment must Dean Gooch make if he saves for his payout annuity with an ordinary annuity, which he sets up thirty years before his retirement? (The two annuities pay the same interest rate.) $ (b) How large a monthly payment must he make if he set the ordinary annuity up twenty years before his retirement

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