You want to retire in the next 20 years. A fund manager suggests you to save annually (end-of-year) in an investment fund for the next 20 years. The fund manager believes your investment can earn 8% (APR) during the mentioned whole period and you can get one million dollars after 20 years.

Required:

(a) Draw the necessary timeline(s) of the investment period. (2 marks)

(b) Compute the annual deposit each year (use one FM equation). (8 marks)