solve using financial math

7) You currently have $20,000 saved for retirement and can afford to put aside $5,000 per year (end of year). You would like to have $300,000 saved when you retire in 20 years. a) Will you have enough money assuming an 8% annual return?. b) Using a 5% annual return, how much money will you have? What amount would you need to put away each year to achieve your goal