You have a goal of retiring in 30 years with $1,000,000 the best way to set aside funds to reach this goal is to make annual contributions into an account which pays an expected 8% interest rate compounded annually.

a. How much should you set aside each year to achieve your goal?

b. Use the information above to answer how much you would have to contribute if you started today instead of in one year. (Annuity due)

c. How large of a lump sum would you have to deposit to meet your goal? (Hint 2^nd PMT, 2^nd ENTER)