Payments of $7500 are made into a fund at the beginning of each year for ten years. The fund is invested at an annual effective interest rate i. The interest generated is reinvested at 8%. The total accumulated value at the end of the ten years is $ 150,000.

a) At the end of year k (k = 1, 2, 3, ..., 10), what is an expression for the amount deposited into 8% account?

b) Find i