Question: to supplement your retirement you estimate that you need to...
To supplement your retirement, you estimate that you need to accumulate $300,000 exactly 38 years from today. You plan to make equal, end-of-year deposits into an account paying 8 % annual interest.
a. How large must the annual deposits be to create the $300,000 fund by the end of 38 years?
b. If you can afford to deposit only $1,150 per year into the account, how much will you have accumulated in 38 years?