Problem:
a. How much must Katie Wilson set aside each year to accumulate $80,000 after 15 years? The interest rate is 10 percent.
b. How much must Josh Thompson repay each year for five years to pay off a $20,000 loan that he just took out? The interest rate is 8 percent.
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references. Provide step by step solutions for the above question.