Jack from Stewiacke has decided that he will retire in 20 years time. After retirement, Jack from Stewiacke will require a monthly income of $6,000 per month to maintain his luxurious lifestyle, to be withdrawn at the beginning of the month. It is expected that Jack from Stewiacke will live for 20 years after retirement and that interest rates will be 8% compounded monthly. How much will Jack from Stewiacke need to save to meet his future retirement goals of being able to withdraw $6,000 per month during his retirement? Jack from Stewiacke has decided that he will put a monthly amount into an account to meet his savings goal. If interest rates are 8% compounded monthly, how much should Jack from Stewiacke deposit in his account each month until retirement? If Jack from Stewiacke decides to put a lump sum amount into the account today instead of making monthly payments, what is the value of the lump sum payment?
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