1. Your goal is to save $75,000 at the end of 8 years. Today, you deposit $10,000. You make an additional 5 yearly deposits growing at 5 percent. What must the interest rate be? Must show your work.
2. On March 1 of this year you borrowed $ 75 000 toward materials for a product you hope to have on the market in November of this year. You have agreed upon an annual interest rate of 8.2% compounded monthly. You also have agreed to begin repaying the debt on December 1 next year. What are your monthly payments?