Question1: If you deposit $3,000 at end of each of the next twenty (20) years into an account paying 10.5% interest, how much money will you have in the account in twenty (20) years? How much will you have if you make deposits for 40 years?
Question2: You want to have $80,000 in your savings account ten years from now, and you are prepared to make equal yearly deposits into the account at the end of each year. If the account pays 6.5% interest, calculate the amount you deposit every year?