You are 21 years old and need to have $1,080,000 in savings before you retire at age 70. You estimate you will receive an annual return of 8% on investments.

a. How much do you need to put into retirement savings on an annual basis? (Input your answer as a positive value. Round your answer to 2 decimal places.)

b. How much do you need to put into retirement savings on an annual basis if you get an annual return of 10%? (Input your answer as a positive value. Round your answer to 2 decimal places.)