a) You plan to deposit $500 in a bank account now and $200 at the end of the year. If the account earns 2% interest per? year, what will be the balance in the account right after you make the second? deposit? The balance in the account right after you make the second deposit will be ?... $. ?(Round to the nearest? dollar.)
b) You have a loan outstanding. It requires making nine annual payments of $7,000 each at the end of the next nineyears. Your bank has offered to restructure the loan so that instead of making the nine payments as originally? agreed, you will make only one final payment in nine years. If the interest rate on the loan is 9%?,what final payment will the bank require you to make so that it is indifferent to the two forms of? payment?
The final payment the bank will require you to make is ... $ ?(Round to the nearest? dollar.)