Daryl wishes to save money to provide for his retirement. He is now 30 years old and will be retiring at age 64. Beginni

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Daryl wishes to save money to provide for his retirement. He is
now 30 years old and will be retiring at age 64. Beginning one
month from now, he will begin depositing a fixed amount into a
retirement savings account that will earn 12% compounded monthly.
Then one year after making his final deposit, he will withdraw
$100,000 annually for 25 years. In addition, and after he passes
away (assuming he lives 25 years after retirement) he wishes to
leave in the fund a sum worth $1,000,000 to his nephew who is under
his charge. The fund will continue to earn 12% compounded monthly.
How much should the monthly deposits be for his retirement
plan?