a. You have set a financial goal of having $3,000,000 saved by retirement. If you plan to work for the next 45 years, how much would you need to save at the end of each year if you expect an average annual return of 8% in your retirement fund?

Round your answer to the nearest dollar. _______

b. Which TVM formula was used to determine the needed annual retirement savings to reach your goal in the previous question?

Sinking Fund Deposit (SFD) Capital Recovery (CR) Fundamental Capitalization Formula Single Payment Compound Amount (SPCA) Single Payment Present Value (SPPV) Uniform Series Present Value (USPV) Uniform Series Compount Amount (USCA)