To supplement your planned retirement, you estimate that you need to accumulate $220,000 in 42 years. You plan to make equal annual end-of-year deposits into an account paying 8 % annual interest.
a. How large must the annual deposits be to create the $220,000 fund in 42 years?
b. If you can afford to deposit only $600 per year into the account, how much will you have accumulated by the end of the forty-second year?