Mr Daniel Johns would like to have $75,000 in 15 years. To accumulate this amount, Daniel plans to deposit each year an equal sum in the Wacpak Bank, which will earn 8% interest compounded annually. His first payment will be made at the end of the year. Required: a) How much must Daniel deposit annually to accumulate this amount? (2 marks) b) If Daniel decides to make a large lump-sum deposit today in the Wacpak Bank instead of the annual deposits, how large should this lump-sum deposit be? (3 marks) c) At the end of five years Daniel expects to receive a royalty payment of $20,000 and deposit this in the bank towards his goal of $75,000 at the end of 15 years. In addition to this deposit, how much must Daniel deposit in equal annual deposits to reach his goal? (2 marks) If, instead of earning 8% p.a., Daniel now only earns 6.5% p.a. on his deposits, briefly discuss what impact will this will have on Daniel's ability to accumulate the desired $75,000 at the end of 15 years. (Note: no calculations are necessary for this part) (4 marks)