Question: need parts a, b, c done (Comprehensive problem) You would Bke to have $56,000 in 16 years. To accumulate this amouth you plan to depoel

need parts a, b, c done need parts a, b, c done (Comprehensive problem) You would Bke to

(Comprehensive problem) You would Bke to have $56,000 in 16 years. To accumulate this amouth you plan to depoel an equal sum in the bank each year that wal earn 8 percent inderest compounded annualy. Your fint payment will be made at the end of the year: a. How much must you depost annually to accumdate this amount? b. If you decide to make a larpe lump-sum deposit todwy instead of the annual deposits, how large should this lump-sum deposit be? (Aswame you can eaen 5 pertent on this Geposit. in equal annual amounts, beginning in yoar 1 to reach your goa?? (Agah, asume you can eam a percert on your deposte) How much must you deposit anrualiy to aocumulate this amount? (Round to the nestest cent.)

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