I NEED FULL CALCULATION WITH ALL STEPS

6-29 Erika and Katherine have both been given $30,000 by their grandparents today on their 25th Reaching a financial goal birthdays. They want to save for their future and have aspirations of one day being million- aires. Each woman plans to make annual contributions on her birthday, beginning next year. Erika and Katherine have each opened investment accounts at the First National Bank and Second National Bank, respectively, and they expect to earn nominal returns of 8 and 9 per- cent, respectively. Erika has already decided to deposit $5,000 each year into her investment account, while Katherine is unsure of the amount she will deposit annually. a. How long will it take Erika before she reaches her investment goal of $1 million? b. If Katherine decides to make the same annual contributions as Erika, how much sooner would she reach the investment goal? c. Suppose Katherine was interested in reaching the investment goal at the same time as Erika. What is the minimum monthly contribution she could make in order to reach $1 million at