(Comprehensive problem)You would like to have

$70,000

in

16

years. To accumulate this amount, you plan to deposit an equal sum in the bank each year that will earn

10

percent interest compounded annually. Your first payment will be made at the end of the year.

c.At the end of year 5, you will receive

$20,000

and deposit it in the bank in an effort to reach your goal of

$70,000

at the end of year

16.

In addition to the lump-sum deposit, how much must you invest in

16

equal annual deposits to reach your goal? (Again, assume you can earn

10

percent on this deposit.)