I need help answering the bottom question that's left blank, and I need help understand how to get the answerthanks **Investment for Retirement Planning**Suppose you want to have $300,000 for retirement in 25 years. Your account earns 6% interest.### a) Monthly Deposit Calculation- **Question**: How much would you need to deposit in the account each month? (Round to the nearest cent.)- **Answer**: $432.90### b) Interest Earnings- **Question**: How much interest will you earn? (Round to the nearest cent.)- **Answer**: $170,129### c) Delayed Investment Impact- **Question**: Suppose you waited 10 years to invest in the same retirement fund and have the same $300,000 for retirement at the same 6% interest. What amount will you have to deposit each month to match the value of your annuity? (Round to the nearest cent.)- **Answer**: [Input Required]**Note**: Ensure precise calculations using financial formulas or tools pertinent to future value of annuities and compounded interest for exact results.

The objective of the question is to calculate the monthly deposit required to reach a retirement goal of $300,000 in 25 years with an interest rate of 6%, the total interest earned, and the monthly deposit required if the investment starts 10 years later.First, we need to calculate the monthly deposit required to reach the retirement goal. We can use the formula for the future value of an ordinary annuity: FV = P * [(1 + r/n)^(nt) - 1] / (r/n), where FV is the future value, P is the monthly deposit, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the time in years. In this case, FV = $300,000, r = 6% or 0.06, n = 12 (since interest is compounded monthly), and t = 25. Solving for P, we get P = FV * (r/n) / [(1 + r/n)^(nt) - 1]. Substituting the given values, we get P = $300,000 * (0.06/12) / [(1 + 0.06/12)^(12*25) - 1] = $432.90.Next, we need to calculate the total interest earned. This can be done by subtracting the total amount deposited from the future value of the annuity. The total amount deposited is P * n * t = $432.90 * 12 * 25 = $129,870. The total interest earned is FV - total amount deposited = $300,000 - $129,870 = $170,130.Finally, we need to calculate the monthly deposit required if the investment starts 10 years later. The time t becomes 15 years instead of 25. Using the same formula as before, we get P = FV * (r/n) / [(1 + r/n)^(nt) - 1] = $300,000 * (0.06/12) / [(1 + 0.06/12)^(12*15) - 1] = $1,107.57.To reach a retirement goal of $300,000 in 25 years with an interest rate of 6%, a monthly deposit of $432.90 is required. The total interest earned would be $170,130. If the investment starts 10 years later, a monthly deposit of $1,107.57 would be required to reach the same retirement goal.