Nelson Abuldisi would like to own \($60,000\) in 16 years. To accumulate this amount, he plans to deposit each year an equal sum in the bank, which will earn 8 percent interest compounded annually. His first payment will be made at the end of the year.

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

b. If he decides to make a large lump-sum deposit today instead of the annual deposits, how large should this lump-sum be? (Assume that he can earn 8 percent on this deposit.)

c. At the end of 6 years, he will receive \($12,000\) and deposit this in the bank towards his goal of \($60,000\) at the end of 16 years. In addition to this deposit, how much must he deposit in equal amounts to reach his goal? (Again assume that he can earn 8 percent on this deposit.)