Creating a retirement fundPersonal Finance ProblemTo supplement your retirement, you estimate that you need to accumulate $210,000 exactly 44 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 $210,000 fund by the end of 44 years?

b.If you can afford to deposit only $470 per year into the account, how much will you have accumulated in 44 years?

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Part 1

a.The annual deposits to create the $210,000 fund by the end of 44 years should be $ enter your response here.

(Round to the nearest cent.)