To supplement your retirement, you estimate that you need to accumulate $320,000 exactly 40 years from today. You plan to make equal, end-of-year deposits into an account paying6% annual interest.

a.How large must the annual deposits be to create the $320,000 fund by the end of 40 years?

b.If you can afford to deposit only $1,740 per year into the account, how much will you have accumulated in 40 years?