(Comprehensive problem) You would bce to have 559,000 in 16 years. To accumulate this amount, you plan fo depasit an equal sum in the bark each year that will eam 8 percent interest compounded annually. Your first paymert will be made at the end of the yeat. a. How much mesl you depost annually to accumelate this amoun? b. If you decde to make a largo lump-sum deposit today instead of the annual doposits, how largo should this kmppsum deposit be? (Assume you can eam 8 percent on this deposit) c. At the end of five years, you will recelve 515,000 and dopesit this in the bank foward your goal of 559,000 at the end of year 16 . In addition to the liamp-5uar doposi bow moch muest you deposit in equal annual amounts, beghning in yoar 1 bo reach yoat goal? (Again, assume you can eam 8 percent on your deposits) 3. How nuch must you deposit annually to accumalate tfis amount? (Round to the nearest cont) b. It you docide to thake a large lemp-um deposi haday instedd of the linnual deposids, how large chosdd the kirmp-sam deposit be? (Rourvi to the nearest cont) c. Il you drpoit $15,000 rechsed at the eed of live years in lie bark, what wilt the amount grow to by the end of yoor t6? (Pound io the nearst cent) 4. (Round to the okarest cent) compounded annusly Your first peyment wil be made at the end of the yoar. a. Huw much must you deposk annealy to accumulate this amount? b. If you decide ta make a large larpp-sum deposit today instead of the anneal deponits, how harpe shnold this hanp-sem deponit be? (Assume you can eam 8 pereent en thin deporit.) c. N. the ond of five years, you will recelvo 515,000 and deponta this in the bank toward your goal of 559,000 at the eod of year 16. In addition to the lamp-nuim deposit, how meich ment you odepodit in equal anmeal amounti, begining in yoar 1 to reach your gook? (hgaint, assume you can eams 8 percent ant your deponits) a. How moch ment you doposi annualy to acommilate this arnount? (Posand to the nearest curt) (Round to the nearest cont) C. If yoa depoin 515,000 received at the and of the years th the bark. what wit the ameunt grow to by the end of yuar 16 ? (Round to the bearest cent) In addtion to the lumpsum deposit how much rmust you deposit ih equat anneal wnounts, begining in year 1 to reach your goal? (Round to the nearest cont) (Comprehensive problem) You would like to have $59,000 in 16 years. To accumulate this amokint, you plan to doposit ann oquat sum in the bank each year that wit carm 8 percont interest compoundod annually. Your first payment will be mado at the end of the year. a. How much must you deposit annually to accumulate this amount? b. If you decide to make a largo lump-sum deposit todoy instead of the arnual doposiss, how large should ihis lump-sum dopocit be? (Ansume you can earn 8 percent on this deposit.) c. At the end of five years, you wili receivo $15,000 and deposit this in the bank toward your goal of $59,000 at the efd of year 16 . In adaition to the lump-sum deposit, how mach muat you deposit in equal annual amounts, beginning in yoar 1 to reach your goai? (Agoin, askume you cin eam B percent ont your depoeits.) a. How mach must you deposit annually to accumalate this amount? (Round to the nearest cont.) b. If you decide to make a large lump-5um deposit loday instead of the annuat deposits, how largo shovad tho lumpisum deponit be? (Round to the nearest cent.) c. If you deposit $15,000 recemed at the end of five years in the bank, what wil the amount grow to by the end of year 16 ? (Round to the nearest cent)