Question: How to solve the below question? please solve it step by step using related formula. The question has two parts. thanks

a. Suppose you are an investor and you need to have $100,000 in your account at the end of 15 years so you have decided to save a certain amount at the end of each of the next 15 years and deposit it in AIB bank. The bank pays 12 percent interest compounded annually for long-term deposits. How much will you have to save each year to achieve your target of $100,000?

b. Suppose you have inherited $45,000 and wishes to purchase an annuity that will provide you with a steady income over the next 12 years. You have heard that the local savings and loan association is currently paying 10% compound interest on an annual basis. If you were to deposit your funds, what year-end equal-dollar amount would you be able to withdraw annually such that you would have a zero balance after last withdrawal 12 years from now?