a. Assume you are 20 years old and would like to have $1,000,000 when you retire at age 60. You feel that you can achieve a 10% return over this period of time. How much will you need to deposit at the end of each year until you retire to achieve this goal? How much would you need to deposit in a lump sum today to achieve this goal? (12 points)

b. Alternatively, if you have $10,000 today and want to achieve your $1,000,000 savings goal by the time you retire at age 60, what return % (yield) will you need to achieve on this investment? (round to closest ones place)