[3 points total] Lucy and Elle are just starting their freshman year of engineering school at UB. They plan to enroll in the BS/MBA program and therefore expect to graduate in five years. Though they are just getting started they are already making plans for a trip to Europe once they graduate. Lucy, is a bit of a planner therefore she has already figured out her savings plan for the next five years. She will make an initial deposit today and then, after getting a part time job in her sophomore year, will begin making end of year deposits as described in the figure below. Elle already has a part time job and anticipates that she'll be able to make an initial deposit today and then continue to make deposits at the end of each of the next five years. If Elle wants to make equal sized deposits each year, how much will she have to deposit to have saved an equivalent amount, at the end of year 5, for their trip? Lucy and Elle's savings plans are depicted in the figure below. Both Lucy and Elle will invest in the same savings account which will earn 3.25% interest per year. $275 $400 5525 $150 $150 Lucy's Plan 1 2 3 4 5 years Elle's Plan 0 1 2 3 4 5 years a) [1 point] How much will Lucy have saved at the end of 5 years? b) [2 points) How much will Elle need to deposit each period in order to have saved the same amount at Lucy