AutoSave ( OFF A 9 9 9 . C ... PV_FV_Excel_HW Home Insert Draw Page Layout Formulas Data Review View 9 Tell me Times New Roman ~ 14 AA E 29 Wrap Text General Conditional Fo Paste BIUV AV AV Merge & Center v $ ~ % 9 Formatting as Sty Clipboard Font Alignment Number H19 4 X V fx D F G H Problem 5-44 2 Creating a retirement fund. To supplement your retirement in exactly 42 years, you estimate that you need to accumulate $220,000 exactly 42 years 3 from today. You plan to make equal, 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 in 42 years? Solution 10 a. How large must the annual deposits be to create the $220,000 fund by the end of 42 years? 12 Number of years 42 13 Annual interest rate 8% 14 Future value 220,000 15 Annual deposit 16 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? 17 18 19 Annual deposit -600 20 Future value 21 22 23 32 33 34 35 Problem 5-17 Problem 5-19 Problem 5-26 Problem 5-30 Problem 5-32 Problem 5-34 Problem 5-39 Problem 5-43 Pro Ready