A person wants to establish an annuity for retirement purposes. They want to make semiannual deposits for 15 years so that they can then make semiannual withdrawals of $5000 for 25years. The annuity earns 7.32% interest compounded semiannually.

(a) How much will have to be in the account at the time they retire?

(b) How much should be deposited each semiannual period for 15 years in order to accumulate the required amount?

(c) What is the total amount of interest earned during the 40 year period?