How much will have to save each year

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Question 1: You need to have $50,000 at the end of 10 years. To accumulate this sum, you have decided to save a certain amount at the end of each of the next 10 years and deposit it in the bank. The bank pays 8 percent interest compounded annually for long-term deposits. How much will you have to save each year (to the nearest dollar)?

Question 2: Same as problem above, except that you deposit a certain amount at the beginning of each of the next 10 years. Now, how much will you have to save each year (to the nearest dollar)?

Reference no: EM132499413

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