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Interest is compounded annually

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Natasha plans to deposit $4,000 per year in her account for each of the next 4  years. Thereafter, she expects to deposit $1,500 per year for another 4 years. All  deposits are made at year-end. Interest rates are expected to be 8 percent for the  next 2 years, and 11 percent thereafter. Interest is compounded annually

(a) What  will Natasha's bank balance be at the end of year 8? [$35,438.96]
(b)How much would Natasha have to deposit as a lump sum today in order to accumulate the same bank balance at the end of year 8? [$16,244.10]

Reference no: EM13320051

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