Math Problem 2 Funding budget shortfalls As part of your personal budgeting process, you have determined that in each of the next 5 years you will have budget shortfalls. In other words, you will need the amounts shown in the following table at the end of the given year to balance your budget-that is, to make inflows cqual outflows. You expect to be able to earn 8% on your investments during the next 5 years and wish to fund the budget shortfalls over the next 5 years with a single amount. End of year 1 2 3 4 5 Budget shortfall $ 5,000 4,000 6,000 10,000 3,000 a. How large must the single deposit today into an account paying 8% annual interest be to provide for full coverage of the anticipated budget shortfalls? b. What effect would an increase in your earnings rate have on the amount calcu- lated in part a? Explain