Reference no: EM132548299

To supplement your planned retirement in exactly 45 ?years, you estimate that you need to accumulate ?$390,000 by the end of 45 years from today. You plan to make? equal, annual,? end-of-year deposits into an account paying 7?% annual interest.

a. How large must the annual deposits be to create the ?$390,000 fund by the end of 45 ?years?

b. If you can afford to deposit only ?$1,110 per year into the? account, how much will you have accumulated by the end of 45 ?years?

Your Answer: (Round to two decimal places.)

a. The annual deposits to create the ?$390000 fund by the end of 45 years should be ?$:................

Blank 1. Fill in the blank, read surrounding text.

b. If you can afford to deposit only ?$1110 per year into the? account, by the end of 45 years you will have ?$:......................

Blank 2. Fill in the blank, read surrounding text.

(dot parts are blanks that needs to fill)