Creating a retirement fund Personal Finance Problem To supplement your planned retirement in exactly 45 years, you estimate that you need to accumulate $350,000 by the end of 45 years from today. You plan to make equal, annual, end-of-year deposits into an account paying 11% annual interest. a. How large must the annual deposits be to create the $350,000 fund by the end of 45 years? b. If you can afford to deposit only $260 per year into the account, how much will you have accumulated by the end of 45 years? a. The annual deposits to create the $350,000 fund by the end of 45 years should be (Round to the nearest cent)
b. If you can afford to deposit only $260 per year into the account, by the end of 45 years you will have. (Round to the nearest cent.)