Many people get ready for retirement by depositing money into a monthly or annual savings

plan. $(4\mathrm{.}15)$

a$.$ If $$300$ per month is deposited in a bank account paying a $6\%$ APR compounded monthly, how much will be accumulated in the account after $30$ years?

b$.$ If inflation is expected to average $2\%$ per year into the foreseeable future, what is today's equivalent spending power for your answer to Part $($a$)?$