ou would like to have

$$$$75$ comma $00075,000$

in

$1515$

years. To accumulate this$$ amount, you plan to deposit an equal sum in the bank each year that will earn

$88$

percent interest compounded annually. Your first payment will be made at the end of the year.

a$.$How much must you deposit annually to accumulate this$$ amount?

b$.$If you decide to make a large$$ lump$-$sum deposit today instead of the annual$$ deposits, how large should the$$ lump$-$sum deposit$$ be$?($Assume you can earn

$88$

percent on this$$ deposit.$)$

c$.$At the end of year$5,$ you will receive

$$$$20$ comma $00020,000$

and deposit it in the bank in an effort to reach your goal of

$$$$75$ comma $00075,000$

at the end of year

$1515.$

In addition to the$$ lump$-$sum deposit, how much must you invest in

$1515$

equal annual deposits to reach your$$ goal? $($Again$,$ assume you can earn

$88$

percent on this$$ deposit.$)$

Question content area bottom

Part $1$

a$.$How much must you deposit annually to accumulate this$$ amount?