Please solve the below question .It has two parts a)and b). My answer is wrong . I have provided you the correct answer and also the formula pls provide the steps of how to solve the question below.

\fThe deposit is the present value of the annuity. Use the formula for the present value of an ordinary simple annuity, shown below, where PMT is the payment. i is the periodic interest rate, and n is the number of periods. 1{1+n'"] m=PMT[ I \fThe an'teunt of interest received will he the difference between the amount paid and the deposit. \f