1. You wish to purchase a home for $300,000. You will make payments of $24,000 at the end of every year for 15 years. The current rate of interest is 5.5% convertibly monthly. Find the down payment that will be necessary.
2. You decide it's time you start saving for your retirement by making equal biweekly deposits into an account that earns 8% per year compounded daily. how long will it take fr you to have 100 times the amount of the initial deposit in your account?