Suppose that you are planning your retirement and you open a retirement. You want to be able to have a yearly income of $70,000 from your 66^th birthday after your retirement in 34 years (i.e. 35 payment). The remainder (i.e. after you withdraw the $70, 0000 each year) of the amount will stay in the account earning same interest. To achieve will earn 8% annual interest compounded annually. You are asked to explore the following scenarios.

What would the annual payment (contribution) into the account be if year:

a)Contribute from your 20^th until the 65^th birthday. DRAW THE CASH FLOW

b)Contribute from your 20^th until the 30th and from your 35^th until 65^th birthday.

Draw the cash flow.

(Hint : Assume that your retirement will have zero ($0.00) value after you turn 100 years old)