An organization plans to save $10,000 per month for a new building. The organization also will invest $15,000 it already has in reserves. (Hint: When a problem involves monthly payments, assume monthly compounding.)

a)What annual rate of return must the organization earn in order to accumulate $800,000 at the end of five years?

b)If the organization can only earn an annual rate of 6%, how many years will it need to accumulate $800,000?