You would like to have $$600,000$ in $43$ years by making regular deposits at the

end of each month in an annuity that pays $7\%$ compounded monthly. The table

below shows the $2021$ marginal tax rates, standard deduction, and exemptions

for a single person. Complete parts $($a$)$ through $($c$).$

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a$.$ Determine the deposit at the end of each month.

In order to have $$600,000$ in $43$ years, you should deposit $ $184$ each

month.

$($Round up to the nearest dollar.$)$

b$.$ Assume that the annuity in part $($a$)$ is a tax$-$deferred IRA belonging

to a man whose gross income is $$45,000.$ Use the table on the left to

calculate his taxes first with and then without the IRA. Assume the

man is single with no dependents, has no tax credits, and takes the

standard deduction.

The income tax with the IRA is$.$

$($Use the answer from part $($a$)$ to find this answer. Round up to the

nearest cent as needed.$)$

The income tax without the IRA is

$($Use the answer from part $($a$)$ to find this answer. Round up to the

nearest cent as needed.$)$