Question: 1. How much must be deposited at the beginning of each year in an account that pays 8%, compounded annually, so that the account will

1. How much must be deposited at the beginning of each year in an account that pays 8%, compounded annually, so that the account will contain $24,000 at the end of 5 years?
2. What is the size of the payments that must be deposited at the beginning of each 6-month period in an account that pays 7.8%, compounded semiannually, so that the account will have a future value of $120,000 at the end of 15 years?

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