Suppose someone wants to accumulate $110 comma 000 for retirement in 30 years. The person has two choices. Plan A is a single deposit into an account with annual compounding and an APR of 8%. Plan B is a single deposit into an account with continuous compounding and an APR of 7.9%. How much does the person need to deposit in each account in order to reach the goal?
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Part 1
The person must deposit $
enter your response here into the account for Plan A to reach the goal of $110 comma 000.
(Round to the nearest cent as needed.)
Part 2
The person must deposit $
enter your response here into the account for Plan B to reach the goal of $110 comma 000.
(Round to the nearest cent as needed.)
