To supplement your planned retirement in exactly 35 years, you determine that you need to accumulate $300,000 by the end of 35 years from today. You plan to make equal, annual, end-of-year deposits in an account paying 6% annual interest.
Question1: How large should the annual deposits be to create the $300,000 fund by the end of 35 years?
Question2: If you can afford to deposit only $550 per year in the account, how much will you've accumulated by the end of third-fifth year?