Creating a retirement fund, Personal Finance Problem. To supplement your planned retirement in exactly 38 ?years, you estimate that you need to accumulate ?$330, 000 by the end of 38 years from today. You plan to make? equal, annual,? end-of-year deposits into an account paying 7?% annual interest.
a. How large must the annual deposits be to create the ?$330,000 fund by the end of 38 ?years?
b. If you can afford to deposit only ?$1,510 per year into the? account, how much will you have accumulated by the end of 38 ?years?
a. The annual deposits to create the ?$330,000 fund by the end of 38 years should be $______
(Round to the nearest? cent.)