1. Lisa Simpson wants to have ?$1,000,000 in 35 years by making equal annual? end-of-the-year deposits into a? tax-deferred account paying 11.75 percent annually. What must? Lisa's annual deposit? be?
2. Greeley Corp has a credit sales of $8,500,000 per year, billed on a continuous basis. Greeley is considering implementing a lockbox system to reduce the float time from 9 days to 5 days. Greeley has other equally risky investments that earn 10%. If the cost of the lockbox system is $10,000, Greeley should employ the lockbox system (assume 365 days).