Quantitative Problem 1: You deposit $1,400 into an account that pays 4% per year. Your plan is to withdraw this amount at the end of 5 years to use for a down payment on a new car. How much will you be able to withdraw at the end of 5 years? Round your answer to the nearest cent. Do not round intermediate calculations. $
Quantitative Problem 2: Today, you invest a lump sum amount in an equity fund that provides an 9% annual return. You would like to have $12,500 in 6 years to help with a down payment for a home. How much do you need to deposit today to reach your $12,500 goal? Round your answer to the nearest cent. Do not round intermediate calculations. $