The payment of an ordinary annuity, in which the payment is made at the end of each period, can be found using the following equation: PMT=r(1+r)n1FV The future value of an ordinary annuity, in which the payment is made at the end of each period, can be found using the following equation: FV=PMTr(1+r)n1 Future value with periodic rates. Denise has her heart set on being a millionaire, She decides that at the end of every year, she will put away $4,500 into her "I want to be a millionaire account" at her local bank. She expects to eam 5% annualy on her account. a. How many years must Denise farthfuly put away her money to succeed at becoming a milionaire? b. H Denise switches to a monthly savings plan and puts one-twelth of the $4,500 away each month (\$375), how much will she have in 51 years at the 5% APR? c. Why is the future value under the monthly savings plan more than the $1,000,000 goal? Next, let's assume Denise is now thirty-five years old and thus has thirty years for saving toward her one-million-dollar goal. She anticipates an APR of 8% on her imvestments. d. How much does she need to save each year to become a millionaire by age sibty-five if she puts money away annually? e. How much does she need to save if she puts money away monthly? f. Why does it take more per month when she is putting money away at 8% than when she was earning a lower rate of 5% over the 51 years? Note: ignore the effect of taxes on your calculations