AAB Creating a retirement fund. To supplement your retirement in exactly 42 years, you estimate that you need to accumulate 5220,000 exactly 42 years from today. You plan to make equal, end-of-year deposits into an account paying 8% annual interest a. How large must the annual deposits be to create the $220,000 fund in 42 years? b. If you can afford to deposit only $600 per year into the account, how much will you have accumulated in 42 years? Solution a. How large must the annual deposits be to create the $220,000 fund in 42 years? 42 Number of years Annual interest rate Future value Annual deposit 8% 220,000 S b. If you can afford to deposit only 5600 per year into the account, how much will you have accumulated in 42 years? -600 Annual deposit Future value Points 2 Requirements 1 In cell E14, by using cell references to the given data and the function PMT, calculate the annual deposit. Note: the annual deposit will be a negative value since it is a cash outflow. 2 In cell E19. by using cell references to the given data and the function FV, calculate the future value of the annual deposits. Note: the future value will be a positive value since it is cash inflow. 25 3 Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed 1