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Part $1$

Creating a retirement fund Personal Finance Problem To supplement your$$ retirement, you estimate that you need to accumulate

$$$$320,000320,000$

exactly

$41$ years from today. You plan to make$$ equal, end$-$of$-$year deposits into an account paying $12\%$

annual interest.

a$.$ How large must the annual deposits be to create the

$$$$320,0003$

fund by the end of

$41$years$?$

b$.$ If you can afford to deposit only

$$$$300$ per year into the$$ account, how much will you have accumulated in

$41$years$?$

$($Round to the nearest$$ cent.$)$ a$.$ How large must the annual deposits be to create the $\backslash (\backslash$$ $320,000\backslash )$ fund by the end of $41$ years?

b$.$ If you can afford to deposit only $\backslash (\backslash$$ $300\backslash )$ per year into the account, how much will you have accumulated in $41$ years?

a$.$ The annual deposits to create the $\backslash (\backslash$$ $320,000\backslash )$ fund by the end of $41$ years should be :

$($Round to the nearest cent.$)$