Creating a retirement fundPersonal Finance ProblemTo supplement your planned retirement in exactly 38 years, you estimate that you need to accumulate

$330, 000 by the end of 38 years from today. You plan to make equal, annual, end-of-year deposits into an account paying 7% annual interest.

a.How large must the annual deposits be to create the $330,000 fund by the end of 38 years?

b.If you can afford to deposit only $1,510 per year into the account, how much will you have accumulated by the end of 38 years?

a.The annual deposits to create the $330,000 fund by the end of 38 years should be $______

(Round to the nearest cent.)