3. (a) If you wil be making equal deposits into a retirement account for 20 years (with each payment at the end of the year), how much must you deposit each year if the account earns 5% compounded annually and you wish the account to grow to $2,000,000 after 40 years (in time 40)? (b) How does your answer change if the account pays interest compounded monthly at an annual rate of 5%? Note: use monthly compounding for all calculations. 4. (a) You belong to an unusual pension plan because your retirement payments wil continue forever (and will go to your descendants after you die). If you will receive S60,000 per year at the end of each year starting 50 years from now (i.e., the first payment is in time 50), what is the present value of your retirement plan if the discount rate is 4%? (b) How does your answer change if you receive $5,000 per month every month forever (in perpetuity) starting 50 years from today (in monthly time period 600) and you compound monthly