Under the NBA deferred compensation plan, payments made at the end of each year accumulate up to retirement and then retirees

are given two options. Option $1$ allows the retiree to select the amount of the annual payment to be received, and option $2$ allows the

retiree to specify over how many years payments are to be received. Assume Hardaway has had $$7,700$ deposited at the end of each

year for $30$ years, and that the long$-$term interest rate has been $7\%.$

Required:

a$.$ How much has accumulated in Hardaway's deferred compensation account?

b$.$ How much will Hardaway be able to withdraw at the beginning of each year if he elects to receive payments for $16$ years?

c$.$ How many years will Hardaway be able to receive payments if he chooses to receive $$82,000$ per year at the beginning of each

year?

Note: For all requirements, round your final answers to the nearest whole number. Use tables, Excel, or a financial calculator. $($FV

of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$