Creating a retirement fund - To supplement your planned retirement in exactly 35

years, you estimate that you need to accumulate $300,000 by the end of 35 years

from today. You plan to make equal, annual, end-of-year deposits into an account

paying 6% annual interest.

a. How large must the annual deposits be to create the $300,000 fund by the end of

35 years?

b. If you can afford to deposit only $550 per year into the account, how much will

you have accumulated by the end of the third-fifth year?