O 1 Question 2 Yo want to retire in 30 years, you estimate that you need to accumulate $500,000. You plan to make equal, end-of-year deposits into an account carning percent, annual compounding? 5 a. How large must the annual deposits be to create the $500,000 fund in 30 years? b. If you can afford to deposit only $6000 per year into the account, how much will you have accumulated in 30 years? Solution a. How large must the annual deposits be to create the $500,000 fund by the end of 30 years? Number of years Annual interest rate Future value Annual deposit 10% 500,000 b. If you can afford to deposit only $600 per year into the account, how much will you have accumulated by the end of the forty-second year? Annual deposit Future value