3. Bill and Cathy will be retiring in twenty years and would like to buy an Italian villa, which is selling for $500,000 today. Italian villas are expected to appreciate at the rate of 6% per year. Bill and Cathy want to make 20 equal annual payments into an account, starting one year from today, so that there will be enough cash to purchase the villa in twenty years. [12 Points) a) How much will the villa cost in 20 years? b) How much must Bill and Cathy deposit into the account every year if the account ears 8%